An engineering business based in Rowley Regis has expanded its workforce using a £200,000 funding facility from Lloyds TSB Commercial Banking, after securing a new prestigious exporting contract.
Established in 2009, Cube Precision Engineering provides the aerospace, defence and automotive industries with press tools and large CNC machined parts. The business runs 11 CNC machines which operate 24 hours a day, five days a week to meet the demand of a number of large scale projects. The press tooling department oversees the design and manufacturing of transfer and progression dies for across its client base, which includes Jaguar Land Rover and Honda.
Having secured a new high-profile contract with German business Westfalia to manufacture parts for BMW, Cube Precision Engineering approached Lloyds TSB Commercial Banking for the funding to assist with the increased workload.
The support has allowed the business to fulfil its contract with Westfalia and take on subsequent orders as a result of the success of the work completed. The company also employed five new staff, including two apprentices.
Part of the funding came through the Export Credit Guarantee Department which provides financial assistance to exporters of UK goods. The Government-backed scheme supports businesses that may not have previously been able to pitch for large contracts, due to the size of the facility required to guarantee the deal.
Diane Workman, financial director at Cube Precision Engineering, said: “We have been successfully trading in the West Midlands for four years and our client base has grown significantly. Exporting is a vital opportunity for our business, and it is important to secure high-profile contracts to continue our growth.
“Lloyds TSB Commercial Banking has been completely supportive of our plans and the funding has enabled us to fulfil our contract with Westfalia, which in turn has opened the doors to further contracts which we will begin working on this year.
“The team at Lloyds TSB Commercial understands the importance of the export market and the opportunities that international trade can bring to a company like ours. Their in-depth knowledge will guide us as we continue to manufacture products for the market on a worldwide scale.”
Mark Meakin, relationship manager at Lloyds TSB Commercial Banking, said: “Cube Precision Engineering is a well-established business which uses skill and expertise to supply prominent businesses with quality precision goods.
“The funding we have put in place via the Export Credit Guarantee Department has enabled the business to fulfil a lucrative export contract and it has also given the business the headroom to seek other opportunities, breaking down the barriers that firms can often face without the vital funding support.
“We are committed to supporting companies that are looking to grow their business through export opportunities and in the first nine months of 2012 we lent £10 billion to SME’s in the UK.”
Damian Glover, Lloyds Banking Group International Business Manager, said: “Exporting is vital to the growth of the UK economy and Cube Precision Engineering is a great example of a business which is expanding and trading successfully internationally. Our funding has helped the business take on new work and we will continue to offer guidance to the business to help with future growth.”