Gloucestershire components manufacturer, Precision Component Services is set for expansion thanks to a new six figure financial package care of Clydesdale Bank.
The firm intends to use the fresh funding to purchase the freehold on premises currently being rented in Waterwells Business Park in Quedgeley as it looks to expand.
The firm specialises in manufacturing components in materials ranging from steel to plastics with uses in industries including aerospace; automotive; medical and automation.
Established in 2008, Precision Component Services employs six people and is led by Shane Norris, who has more than 30 years of experience in the precision turned components industry.
Co-director, Karen Mackenzie commented: “Having leased our current business unit for a number of years, we took the decision that the business was at a stage in its development which meant that the time was right to own our premises.
“We looked at some alternative options but concluded that the right strategy was to acquire our existing building which led us, in turn, to consider potential funding partners. Clydesdale Bank clearly understood our ambitions for the business and the funding options which they proposed to us were the ideal fit with those ambitions.”
Head of Clydesdale Bank’s Customer Banking Centre in Gloucester, Rob Spearman said: “Precision Components have earned a reputation across their target sectors for the high quality of the service they provide and the skilled engineers they employ.
“Under Shane and Karen’s leadership, the business has continued to grow and, following the acquisition of their premises, we look forward to supporting their plans for further expansion.”
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