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Clydesdale Bank funds our growth

A leading Gloucester manufacturing business is planning for expansion following agreement on a new six-figure funding package with Clydesdale Bank. Precision Component Services specialises in the manufacture of high quality components in materials from stainless steel to plastic for use in a variety of industries including the medical, marine, robotics, aerospace and automotive sectors.

Having previously leased its premises at Waterwells Business Park in Quedgeley, the new funding from Clydesdale Bank has enabled the company to purchase the freeheld as it plans for further growth.

The deal was facilitated by Linda Younger, Relationship Manager at Clydesdale Bank’s Customer Banking Centre in Gloucester.

Precision Component Services, which employs six people, is led by managing director Shane Norris who has more than 30 years’ experience in the precision turned components industry.Shane and co-director Karen Mackenzie established the firm in 2008 and it has enjoyed steady growth resulting in a move to bigger premises in 2011 as well as increased investment in machine stock.

The company achieved ISO 9001/2008 accreditation in 2012 enabling it to increase its customer base in new markets.

Karen Mackenzie, director, commented: “Having leased our current business unit for a number of years, we took the decision that the business was at a stage in its development which meant that the time was right to own our premises.

“We looked at some alternative options but concluded that the right strategy was to acquire our existing building which led us, in turn, to consider potential funding partners. Clydesdale Bank clearly understood our ambitions for the business and the funding options which they proposed to us were the ideal fit with those ambitions. We’ve quickly been able to establish a really good relationship with their team.”

Rob Spearman, Head of Clydesdale Bank’s Customer Banking Centre in Gloucester, said: “Precision Components have earned a reputation across their target sectors for the high quality of the service they provide and the skilled engineers they employ.

“Under Shane and Karen’s leadership, the business has continued to grow and, following the acquisition of their premises, we look forward to supporting their plans for further expansion.”

Source: Clydesdale Bank funds manufacturing firm’s growth