A Lancashire-based engineering firm has secured a major automotive project for the Japanese market after moving into new purpose built premises.
Lyndhurst Precision Engineering secured a loan from TSB Commercial Banking, allowing them to move into a new 15,000 sq ft building on Crosse Hall Street, Chorley.
The extra space means that they can now handle bigger deals, such as the Japanese contract for a heat shielding process line, which has helped increase turnover by 30 per cent, with further increases expected in 2014.
Mark Marriner, engineering director of Lyndhurst Precision Engineering, said: “Our move to the new building comes at the right time for us to really capitalise on the burgeoning nuclear market by applying our niche skills for prototypes and one-offs, especially in our supply of bespoke services for manufacturers.
“In addition to the investment in the new facility we have continued to invest throughout the recession in our people, maintaining the same employment levels over this difficult period and continuing the development of our apprentices.
“We have also continued to expand our manufacturing capabilities, including the introduction of new high-precision water jet cutting machinery.
“The work we are currently involved with varies from defence industries development projects to reverse engineering and refurbishments on which the current new premises are having a great positive effect, which wouldn’t have been possible without the support form Lloyds TSB Commercial Banking.”
Neil Haworth of Lloyds TSB said engineering firms are helping to drive growth in associated sectors
He said: “The newly secured Japanese automotive project demonstrates the company’s ability to successfully compete overseas and will help it to form a base for it to expand its presence in foreign markets.”