Funding package helps engineering firm ratchet up growth strategy
An industrial and commercial gearbox engineering company is targeting new growth after securing a £100,000 loan from Finance For Enterprise and NPIF – BEF & FFE Microfinance, part of the Northern Powerhouse Investment Fund (NPIF).
Huddersfield-based Highfield Gears has been trading for nearly a century. It specialises in re-engineering and repairing industrial gearboxes for the aerospace, manufacturing and traditional heavy industries.
Company owner Jack Walker, who took over the helm of the business in 2018, decided to draw on his own engineering background to target new market sectors.
Recognising that the firm’s 16,500 sq ft facility was capable of making and repairing large, complex machinery and supported by a 16-strong team of experienced engineers, he began exploring opportunities in the oil, gas and aerospace sectors.
He understood the importance of investing in technology, helping to cut production times through automating part of the CNC machining process.
After approaching Finance For Enterprise, Highfield Gears secured the £100,000 loan, which was jointly funded from Finance For Enterprise and NPIF – BEF & FFE Microfinance.
The company invested in a horizontal boring CNC machine, increasing capacity and creating three new jobs. Highfield Gears has now secured new contracts and is setting its sights on further expansion.
Walker said: “I realised funding would be critical to helping us unlock the growth potential within the business, so I decided to apply to Finance For Enterprise for help.
“Securing the funding from NPIF and Finance For Enterprise means we will not only be able to invest in new equipment, helping the company to operate more effectively, but it will also help us retain the skills the company has been built on, creating new opportunities for the next generation of engineers.”
Jeremy Meadowcroft, business lending manager, Finance For Enterprise, said: “Having successfully navigated the business through a particularly challenging period during the company’s long history, I spent time with Jack discussing his plans and it was clear that he was not only passionate about helping to preserve the future of a longstanding business, but that he wanted to lay down clear foundations to grow and develop the company.
“Since drawing down the investment, Jack has seen his workforce grow and diversify and he is embracing new forms of technology into the business, helping the company successfully secure new market opportunities.”
Cat Smith, senior manager, British Business Bank, said: “The Northern Powerhouse Investment Fund continues to provide vital funding to Northern businesses across the region.
“We are pleased to continue this support, and are proud to work with Finance For Enterprise and our other appointed fund managers to make a real impact on business communities, creating jobs and strengthening regional economies.”
