An Ayrshire-based engineering firm under new ownership plans to double its size within five years, thanks to a six-figure funding package from Royal Bank of Scotland.
Ayrshire Precision Engineering, a manufacturer of components for the oil and gas industry, has been bought out by its managing director of four years, Chris Hepburn.
Established in 1969, the business has grown to a turnover of approximately £2million, and Chris hopes to double its size by diversifying into other sectors using state-of-the-art equipment and automation.
Established in 1969, the business has grown to a turnover of approximately £2million, and Chris hopes to double its size by diversifying into other sectors using state-of-the-art equipment and automation.
The company has invested more than £1million in equipment over the last four years and will continue to do so as the business grows.
The firm currently employs 23 members of staff, ten of which originally joined as apprentices. The business hopes to train more apprentices in the coming years to close the local skills gap and offer people a stable career in which to grow.
Funding was provided by Royal Bank of Scotland and Lombard Asset Finance, with the support of Lombard senior relationship manager, Kenneth Mair.
Chris Hepburn, owner of Ayrshire Precision Engineering, said: “Ayrshire Precision Engineering turns 50 in 2019, and while we want to celebrate our heritage, we’re also looking to the future.
“We are investing in our equipment, updating our processes, and training our apprentices in the skills needed to successfully diversify the business into new markets. We’re in a good position to do this, thanks to an experienced team and loyal client base, and will continue to deliver the high quality components and service we’re known for.
Andrew Macleod, senior relationship manager at Royal Bank of Scotland, said: “Although the oil and gas industry is in a period of relative stability, Chris and his team are taking the opportunity to expand into other sectors to grown and secure the future of the business.
“There is particular focus on training up the next generation of engineers, which is important for both the local community and the profession, and we wish Chris and the business well in the years to come.”
