Star Precision’s investment, provided by the National Tooling Loan Fund and introduced by Frontier Development Capital, will support a contract to provide a component supplier with the tooling needed for the new Evoque, set to be introduced to the market in 2019. In total, the project will deliver 10 specialist press tools for manufacturing components to fit in the vehicle’s glass sunroof, as well as the main plastic surround – crucial in reducing damage when the vehicle is crash tested or involved in a collision.
Jayne Bates, director at Star Precision Tools, says: “This investment from Frontier Development Capital will help us to support JLR now and in the future, driving the short and long-term growth of the company.”
Frontier Development Capital, is the appointed introducer for the National Tooling Loan Fund. With finance available from £50,000 to £2million, the fund is designed to support component manufacturers and toolmakers in designing, developing and manufacturing tooling for new and confirmed projects.
Marie Kelly, investment manager at Frontier Development Capital, says: “Star Precision Tools has built a name for itself as a high-calibre, tier 2 tooling manufacturer, helping it to secure this flagship project with the largest automotive manufacturer in the UK. This not only reaffirms the Midlands’ position as a home of industry, but provides confidence that suppliers here in the UK can fulfil vital contracts and drive high-growth industries."
