Coventry-based precision engineering specialist NCMT is set to accelerate investment in technology, skills and business growth after securing a £13.5m funding package as part of a management buyout.
The company, which specialises in the distribution, integration and servicing of high-technology machine tools for metal cutting and grinding, has completed the buyout from its previous shareholders with financial backing from NatWest. The new banking arrangement includes an £8.3m revolving credit facility and a £4m bond facility, alongside foreign exchange and operational support. NCMT said the package will provide the financial headroom needed to modernise the business, invest in innovation and support larger and more complex contracts in the UK and overseas.
Based on Siskin Drive in Coventry, NCMT has more than 60 years of trading history, having been incorporated in 1964. The company is a longstanding participant in the Midlands’ advanced manufacturing ecosystem, helping manufacturers improve productivity, reduce cycle times and minimise material waste through advanced machining technologies.
Managing Director Jonathan Smart described the ownership transition and new funding arrangements as “a pivotal moment” for NCMT.
With the ownership transition complete, we now have the flexibility to invest in new technologies, continue our apprenticeship programmes and grow our role in the regional and national manufacturing ecosystem.
Advanced engineering is central to the UK’s industrial growth strategy, and Coventry has been at the heart of that story for generations. This funding allows us to build on that heritage and push into our next phase.
Jonathan Smart, MD, NCMT
Investment in technology and skills
NCMT’s growth strategy includes continued investment in new technologies, alongside expansion of its apprenticeship and early-career programmes. The company said its long-standing focus on skills development will remain central to its plans as it seeks to address the engineering skills shortage affecting manufacturers across the UK.
It also expects the expansion to support workforce growth in Coventry and the surrounding area, while enabling the business to help more customers adopt efficient and advanced machining processes.
Finance Director Timothy Dooner said the company had conducted a competitive process when selecting its new banking partner, with its requirements reflecting the particular demands of operating in modern manufacturing.
“We were looking for a banking partner that understood export cycles, bonding requirements and the need to invest in skills over the long term,” he said.
“The structure we’ve agreed gives us the working capital and contract support we need, without constraining our ambitions to grow and innovate.”
Will Jones, Relationship Director at NatWest, said NCMT combined its engineering heritage with a focus on innovation and advanced machining technologies.
The bank said the funding package reflects the Midlands’ position as a hub for high-value manufacturing and is intended to support investment in technology, skills and process development.
NCMT’s expansion comes as manufacturers across the region face increasing pressure to improve productivity while developing the skills and technologies required to compete in international markets.
For NCMT, the management buyout marks a new phase for a business that has been supporting manufacturers with advanced machining technology for more than six decades.
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