Based in Stratford-upon-Avon, Savcon Engineering specialises in CNC machining and turning, presswork and large-scale fabrication. The company manufactures components for a wide variety of industry sectors including agriculture, automotive and electronics.
Andrew Maude, Close Brothers Asset Finance’s engineering division area sales manager, said: “Coming out of the earlier lockdown, Savcon Engineering’s order book increased rapidly as customer projects started moving again, but with their existing Mazak laser running round the clock they understood that to keep up with demand they would need to sub-contract work out, costing an estimated £30,000 per month.
“With only one laser, they also feared being exposed to breakdowns and a complete stop to production. The new laser will allow them to significantly speed up production while also taking full control of production to give the best service possible to their customers.
“The flexible nature of CBILS meant we could offer a 0% deposit deal, allowing Savcon Engineering to keep its cashflow intact, freeing up cash to buy the materials required to cope with the growth in the order book.”
Rob Stone, CEO of Savcon Engineering, said: “This was a significant investment for us but it is one we needed to make if we were going to continue growing the business and keep up with demand.
“We are really pleased with the flexible way Close Brothers structured the deal, understanding the importance of keeping cashflow unaffected. This partnership approach is something we truly value - they clearly understood what we wanted to do and worked out a deal that suited our needs.”
