Pictured: (l-r) Steve Sargeant, Barclays Business Senior
Manager and Phil Smith Company Director
Staffordshire Precision Engineering Ltd based in Newcastle Under
Lyme celebrates 30 years in business this summer and still has
ambitious plans for the future. After winning a new £300,000
contract with a leading US based scientific instrument provider to
supply precision components parts for its latest mass spectrometer,
the company has leased new premises supported by Barclays Business
to meet demand.
The business which manufactures high precision component parts
to the scientific, aerospace and automotive industry was set up in
1981 by former Port Vale professional footballer Stan Smith who
sadly died last April. Now managed by his twin sons Phil and Gary
Smith, the business is definitely a family affair as sister Julie
also works for the company. With over 40 employees and turnover
growing to £3.25 million this year the business is an
excellent example of how investment and adding value within the
manufacturing sector can reap rewards.
Phil Smith, Company Director at Staffordshire Precision
Engineering Ltd said "Like many manufacturing businesses we had a
tough time during 2009/2010 when a couple of bad debts severely
hurt our business but thankfully with the support of our bank and a
sound business plan we have been able to prosper once again. We
have always been able to adapt our business to survive within this
industry and our new premises will allow this to continue into the
foreseeable future. Our strategy is to invest profits back into the
business, to provide the best quality, precision component parts
using skilled labour and the latest technology which many of our
competitors are unable to compete with. "
Steve Sargeant, Barclays Business Senior Manager, said "Barclays
Business is committed to using our industry expertise and
specialists to support such propositions, which are vital to a
prosperous economy. By really understanding the business Barclays
Business has been able to provide innovative solutions to support
Staffordshire Precision Engineering Ltd both financially and
professionally throughout its history. Investment in the new
premises in this competitive market demonstrates both Barclays
Business and Staffordshire Precision Engineering Ltd confidence in
the continued growth and success of the business."
Phil Smith continues "Business is good at the moment. Confidence
is returning and as well as acquiring new contracts, existing
customers are increasing orders to meet demand. Future plans
include the possibility of purchasing a new site or expanding the
existing sites to incorporate all our operations under one roof,
depending on the feasibility and cost. I get a great sense of
satisfaction in running the business my father started 30 years ago
and hope to build on his foundations for future
generations."