Cambridge Precision Ltd used the grant to help buy seven machine tools - each the size of a room - and two robots, allowing them to make more components, faster.
The new digital production equipment has enabled them to quickly upscale the business and increase turnover by 25%, an incredible achievement while still recovering from the effects of the pandemic.
Cambridge Precision Ltd helps companies make complex products ranging from medical technology and digital imaging to aerospace and audio equipment. They are also involved in developing lifesaving, low-cost oxygen therapy treatments for use in developing countries.
So, when an existing client wanted help in rapidly developing a new product from prototype to full production, at scale, it was an excellent opportunity - but also a challenge.
Nick Raven, Operations Director, of Cambridge Precision Limited (CPL), said: “A long-standing client presented us with a brilliant opportunity. But to support them we needed new machines, new space and new staff, in a matter of months. We were going to accept that challenge without seeking funding but realised this would inevitably put pressure on the team, which we needed to allay.”
The company decided to look for outside help to raise funds towards the new machinery required. They had explored business funding opportunities in the past, but support never seemed available for established, innovative businesses like theirs.
So, Nick was delighted when he discovered that Growth Works could help identify suitable business funding and provide tailored business advice.
“Growth Works seemed more exciting, more finger-on-the-pulse than other business support we’d seen. We could talk real business, real issues with them, and they saw the value in what we wanted to do.”
Following support from Growth Works, Nick and the team submitted a successful application and received a CapEx grant of £138k.
After an intense few months preparing, acquiring another manufacturing site and hiring additional staff, the new machinery was installed and production started just a few days later.
Lyn Disley, Communications Manager, CPL, said: “Historically, business funding and support has been very prescriptive about how it must be used. We didn’t fit the criteria because we’re either too large an organisation or too adventurous. We aren’t a start-up, and we don’t need old-fashioned training on how to move our business forward, because we actually have a good handle on that.”
Lyn added: “Working with Growth Works gave us a double benefit. As well as reducing the risk to our business by helping us with cashflow, it also gave us an incredible confidence boost. So, when another client approached us more recently with a new opportunity that had to be actioned quickly, I don’t know if we’d have gone ahead if we hadn’t had the assurance of Growth Works’ belief in us.”
By increasing production capacity, CPL have not only met but exceeded output and financial figures predicted pre-COVID. Turnover has increased from a predicted 15% to 25%.
The funding injection has been a catalyst for restructuring and strengthening CPL’s ways of working. Over the last year, CPL have:
- Secured national and international customers
- Maintained resilient and well-informed customer relationships
- Expanded their physical space and equipment
- Streamlined manufacturing processes, improving efficiency while maintaining strong quality control
- Continued their commitment to staff development and lifelong learning.
With a focus on progress and staff development in 2023, CPL are keen to further explore the support Growth Works offers.
“We’re a larger organisation now, with five sites spread across three locations, and so we need to ensure staff provide a unified response to the challenges ahead,” Lyn says. “And we know Growth Works can help us with the training and organisational development we now need.”
Nick added: “Our staff think it’s great they work for a company that’s so progressive and in a good position during the current uncertain economic times.”
- Could your business benefit from expert support and funding to help you unlock further growth?
- Check your eligibility and tell us about your business here to join our programme: https://www.growthworks.uk/get-started/. Or get in touch at enquiries@growthworks.uk
