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Business funding boost for precision machining firm

Date Added: 21/08/2013  

An asset financing deal from Santander has helped a high precision machining firm in the south of England to make an investment in new technology.

Weymouth Precision Engineers has been given over £60,000 by the bank, which it is aiming to spend on two state-of-the-art computer numeric controls (CNC) machines.

David Wilson, managing director of Weymouth Precision Engineers, explained that the goal of the firm is to "grow the business and reach a wider customer base". He added: "Santander has helped us to not only realise the dream of owning our own business but has also provided the funding to support a long-established, local business."

The company - which was originally founded in 1964 - produces large, small and prototype work for the manufacturing industry. It claims that its strengths compared to rival firms within the same sector is its ability to turn work around quickly, with some items being completed within a couple of hours of receiving the order.

Katie Loder, relationship director for Santander Corporate & Commercial, stated that the bank is "thrilled" to be able to support Weymouth Precision Engineers through the £61,000 asset financing deal.

She cited the long history and growing customer base as reasons why the firm was approved for the partnership, adding: "I am looking forward to continuing our relationship and working with them as they grow the business."

Last month, Santander provided business funding to Jesmond Dene House, which is located in the city of Newcastle, to help it to carry out extensions at the Grade II-listed building. Managing director Peter Candler stated that it is a vote in confidence from the bank to the business.

Speaking to the Journal, Mr Candler said the hotel is pleased to have got the funding it needs from Santander at a time when a lot of small to medium-sized enterprises are finding it difficult to win approval for the money they need to grow, create jobs and boost the economy as a result.

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Posted by Julie Cutts

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