Sandwell manufacturer Cube Precision Engineering has secured a £300,000 funding package from Lloyds Bank Commercial Banking.
Cube Precision Engineering manufactures and supplies specialist tool products for the automotive, aerospace, defence and commercial sectors. Its clients include Jaguar Land Rover and Honda.
The company, which we featured in one of our #madeinsandwell Monday stories back in September, has been trading from its base in Rowley Regis for more than ten years and has recently invested in new machinery and increased its capacity after landing the funding package.
Having experienced a 15 per cent increase in demand from customers in the UK over the past 12 months, the firm secured the asset finance facility to support the purchase of a new machine, helping to boost its capacity by 12 per cent.
The new machine, which uses computerised controls and a rotating multi axis head, replaces the company’s old machinery, and enables it to produce a range of more complex and custom-designed products for its clients.
The funding from Lloyds is expected to help increase Cube’s £5m annual turnover over the next two years, as the new machine will help to ensure that company maintains the high standard of customer service for which it is known.
Due to the higher volume of work the old machines were in need of this upgrade to keep up with demand and deliver its products on target.
The business also plans to create four new jobs in the borough, adding to its 42-strong team by the end of this year.