Investment will enable production of essential tools to manufacture the new Land Rover Discovery.
Midlands-based manufacturer Cube Precision Engineering has secured a £200,000 cash investment from Finance Birmingham.
The funding will enable the engineering firm to finance production of new tooling for the bumper on the new Land Rover Discovery.
The funds will also create two new jobs within the toolmaking department which is vital to the success of the project. Further growth is expected in the Computer Aided Design AD department as well as the Computer Numerical Control machine facility.
Established in 2009, Cube Precision currently employs more than 45 people at its base in Rowley Regis. The business serves national and international clients across a range of sectors including automotive, aerospace and defence.
The backing has been provided by Finance Birmingham as part of its £24 million Tooling Funding Programme, supported by the Regional Growth Fund. The programme is designed to help toolmakers and component manufacturers fund the design, development and manufacture of tooling or to expand their tooling capacity. Businesses can apply for funding between £50,000 to £1 million.
Neil Clifton, Director of Cube Precision Engineering, said: “Securing tooling funding from Finance Birmingham has been the key driver to enabling organic growth in our business. The ease of access to the funding has meant that we were confident of taking on new work and employing new staff on the basis our cash flow throughout the payment terms of the project would be supported.
Through this deal we can forge relationships with companies like Jaguar Land Rover and expand our portfolio to win further contracts.”
Steve Hetherington, Investment Director at Finance Birmingham, added: “Cube Precision is a prime example of the high calibre of manufacturing in the Midlands. The business is working on cutting edge projects with top national and international clients and after achieving hugely successful revenue of £4.5 milion in 2014, the potential for its continued growth is evident.
Finance Birmingham’s Tooling Fund exists to help companies such as Cube Precision compete and expand into new markets.”