SPE on the move!
COMPONENT manufacturer Staffordshire Precision Engineering is investing £850,000 in new premises to help it meet the demands of a healthy order book. Increasing confidence among firms has led to a surge in new business for the company, which is relocating to Parkhouse Industrial Estate in Newcastle from nearby Redmine Close.
The investment in the 28,000 square foot unit is seen by twin brother directors Phil and Gary Smith as a way of securing the future of the company for generations to come.
The business, which manufactures high precision component parts to the scientific, aerospace and automotive industry, was set up in 1981 by their father, former Port Vale professional footballer Stan Smith.
“Confidence is returning and as well as acquiring new contracts, existing customers are increasing orders to meet demand.”
Phil and Gary’s sister Julie also works for the firm, which has 43 employees and turnover of more than £3 million.
It accessed funding from Barclays and the Jobs and Growth Fund, run by Staffordshire Chambers of Commerce and backed by the Government’s Regional Growth Fund (RGF).
Phil Smith said: “Like many manufacturing businesses during the downturn, we had some tough years, 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. As well as funding from Barclays, we received regional growth funding, which has been essential to ensure we had the confidence to proceed with the acquisition.”
Steve Sargeant, Barclays senior business banking manager, said: “Barclays 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 has been able to provide innovative solutions to support Staffordshire Precision Engineering both financially and professionally throughout its history.”
Matt Hustwit, programme manager for the Government’s Jobs and Growth Fund, said: “This is a growing, successful, family-run Staffordshire company with plans for further growth and creating further employment.”