A Gloucestershire manufacturer of high precision components for the aerospace, oil and gas, marine and defence industries has increased turnover by 30% and created 20 new jobs after re-shaping its business model.
Future Advanced Manufacture, based in Cheltenham, carried out a strategic review of its business model as well as detailed analysis of its production processes with the Manufacturing Advisory Service (MAS) last year.
In the following 12 months, the company achieved its goal of attaining a 50/50 split between R&D and high complexity, repeat manufacture, while turnover increased to £8.8m.
As a result, this enabled the firm to consolidate operations by bringing all business units together under one roof at a new 38,000 sq ft factory, which in turn has led to a 15% efficiency increase.
Craig Peterson, managing director, Future Advanced Manufacture, said the work carried out with MAS increase Future Advanced Manufacture’s appeal to a wider customer base.
“This has enabled us win a landmark £1.5m contract to manufacture and supply a key component for a local business, re-shoring production back to the UK from China in order to reduce lead times and costs, and increase quality control,” he said.
Mr Peterson, whose firm now employs 70 staff, added: “The best thing about working with MAS is that they spend time getting to know your business and what you are looking to achieve. We are reaping the benefits of tapping into their expert knowledge and will continue to work with them moving forward.”
John Phillipart, MAS Advisor for Gloucestershire, added: “Future Advanced Manufacture has a clear growth strategy and we worked closely with the team to identify areas in their production process that could be improved and to help develop a culture of continuous improvement.
“It is very rewarding to see the fantastic progress that the company has made.”