More Export Work For Cube
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A Rowley Regis-based manufacturer has created eight new jobs after increasing its trade relations with overseas customers, with the support of a trade finance facility from Lloyds Bank Commercial Banking.
Cube Precision Engineering, based on Cakemore Road, manufactures press tools and components for clients in the automotive and aerospace sector across Europe, including Peugeot and Volkswagen.
The UK manufacturing industry continues to perform strongly, in part driven by exports. As a result, the firm has experienced increased demand to sell the tooling it makes to international clients. The business turned to Lloyds Bank to secure a trade finance facility to enable them to complete transactions securely.
Cube Precision Engineering, which has an annual turnover of £4.5million, is now able to increase its order book and trade securely with clients based outside of the UK. Demand for the products that the business provides has led to the creation of eight new jobs, including tool makers and machinists.
Neil Clifton, managing director at Cube Precision Engineering, said: “Two thirds of our revenue in the last two years has been from the continent, meaning many of the products we manufacture end up being exported from our head-quarters across The Channel.
“We approached Lloyds Bank to help us expand our customer base in Europe, and the trade facility provided has meant we can meet the demands of large transactions from oversea firms and grow our European trading relations.”
Mark Meakin, relationship manager for SME manufacturing at Lloyds Bank Commercial Banking, said: “Cube Precision Engineering has expressed ambitious growth plans and is continuing to maximise its presence in Europe in recent months. The tailored package we have provided means the firm can continue to move into new markets.
“Our team’s specialist understanding of the manufacturing sector has allowed us to help firms like Cube Precision Engineering realise their growth potential. This is part of our wider commitment to small and medium sized firms, and our pledge to increase our net lending by at least £1billion every year until the end of 2017.”