Growing manufacturer moves to bigger premises thanks to £1.75 million funding package
A Birmingham aerospace firm has relocated to a new site four times the size of its previous location in order to satisfy growing demand for its products.
Read time: 5 mins Added: 15/02/2019
AE Aerospace, which makes parts for Boeing, Airbus and Bombardier aircraft, secured a £1.75million package from Lloyds Bank to fund the move, which included a £500,000 asset finance facility to buy new machinery.
The investment has created 20 new jobs and increased the firm's capacity by 50 per cent, doubling turnover by the end of 2020.
Capacity to meet demand
AE Aerospace, which was established in 1996, has seen an increase in demand from customers including Rolls Royce and Collins Aerospace, and said the asset finance facility allowed it to invest without impacting day-to-day cash flow.
Its new 16,500sq ft site in Duddeston, Birmingham manufactures complex components for aircraft.
"In the last few years, our order books have been filling up faster than you can say 'lift off'."
Peter Bruch, managing director, AE Aerospace
Peter Bruch, managing director, AE Aerospace, said: "The UK's aerospace industry is the fourth-largest in the world but, as an SME, we know it's not always easy to meet growing demand.
"Thanks to the funding from Lloyds Bank, we've been able to increase our capacity by 50 per cent, meaning that we can take on more work for more customers.
"This puts us in a strong position for future growth."
Paul Warrington, relationship director, Lloyds Bank, said: "The UK is at the forefront of the global aerospace industry and now is the ideal time for SMEs in the space to maximise on their opportunities."
"Products like asset finance can help businesses like AE Aerospace expand without impacting working capital."
Paul Warrington, relationship director, Lloyds Bank
Creating employment opportunities
AE Aerospace was named Manufacturer of the Year at the Insider Made In The Midlands Awards 2018 for its investment in equipment and skills, as well as its contribution to the UK aerospace sector.
Paul Warrington added: "It's great to see AE Aerospace creating new employment opportunities in the region for skilled engineers and manufacturers."
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