Cube Precision Engineering has created eight new jobs after increasing trade relations with overseas customers, with the support of a trade finance facility from Lloyds Bank Commercial Banking.
Based in Rowley Regis (West Midlands), Cube Precision Engineering manufactures press tools and components for clients in the automotive and aerospace sector across Europe, including both Peugeot and Volkswagen.
The UK manufacturing industry continues to perform strongly as 2016 draws to a close, in part driven by exports, and as a result, the firm has experienced increased demand to sell the tooling it makes to international clients.
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Cube Precision,which has an annual turnover of £4.5m, turned to Lloyds Bank to secure a trade finance facility to enable it to complete transactions securely and is now able to increase its order book and trade securely with clients based outside of the UK.
The increased demand for the company’s products has led to the creation of eight new jobs, including tool makers and machinists.
It’s managing director, Neil Clifton explained: “Two thirds of our revenue in the past two years has been from the continent, meaning many of the products we manufacture end up being exported from our head-quarters across the Channel.
“We approached Lloyds Bank to help us expand our customer base in Europe, and the trade facility provided has meant we can meet the demands of large transactions from overseas firms and grow our European trading relations.”
Mark Meakin, relationship manager for SME manufacturing at Lloyds Bank Commercial Banking, said: “Cube Precision Engineering has expressed ambitious growth plans and is continuing to maximise its presence in Europe in recent months. The tailored package we have provided means the firm can continue to move into new markets.
“Our team’s specialist understanding of the manufacturing sector has allowed us to help firms like Cube Precision Engineering realise their growth potential. This is part of Lloyds Bank’s pledge to help 25,000 exporters by 2020 as part of the Government’s aim to support 100,000 businesses export for the first time through its Exporting is GREAT campaign.”