An engineering business has expanded its workforce by five using a £200,000 funding facility from Lloyds TSB Commercial Banking, after securing a new exporting contract.
Cube Precision Engineering in Cakemore Road, Rowley Regis, was established in 2009 and 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.