Precision engineering firm Arrowsmith Engineering has tapped into support from the Manufacturing Advisory Service – West Midlands to embark on a growth surge.
The Coventry-based company has already used support to help increase turnover by 20% over the last twelve months and is now targeting £4m sales within three years.
Following the £1m investment, Arrowsmith Engineering has completed improvements to its headquarters, increasing floor space by 33% to 15,000 sq ft. The company has also used the funding to invest in new facilities, which range from a thread rolling laboratory and grinding capability to a 5-axis machine and three computer numerical control (CNC) lathes.
The firm has just won a string of orders to produce engine and actuation parts for companies such as Rolls Royce, Goodrich, Pattonair and Meggit.
Jason Aldridge, managing director, commented: “We are working to a five year business plan that will see us move from a £1.8m turnover to a firm commanding £4m in annual sales. Naturally, up to ten new jobs could be created as a result of this growth.”
He continued: “Our growth has been based on establishing more strategic partnerships with our clients. Our growth strategy has led to approved supplier status and we are taking this approach to the energy firms that we currently work with.”
Arrowsmith Engineering currently employs 39 people, the prospect of 10 new jobs representing a potential increase to the workforce of 25%.
Since the funding, the company has diversified to specialise in high precision, complex components using exotic metals. Many parts it produces are being used in the Rolls-Royce Trent series engines used on the Airbus A380 and the Boeing 747 and 787.
Speaking during a visit by Business Minister Mark Prisk, Mr Aldridge said: “MAS-WM has been an important driver in our expansion, providing constant mentoring and help on specific projects, including the layout of the new factory, links to probing trials and giving us access to new machinery and technology.”