A west of Scotland engineering firm under new ownership plans to double its size within five years after receiving 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.
Due to celebrate its 50th anniversary next year, the business has grown to a turnover of around £2 million, and the plan is to double its size by diversifying into other sectors using advanced equipment and automation.
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The company has invested more than £1m in equipment over the last four years and says it will continue to do so as the business grows.
The firm currently employs 23 staff members, with ten of those originally joining as apprentices.
Funding was provided by RBS and Lombard Asset Finance, with the support of Lombard senior relationship manager, Kenneth Mair.
Mr Hepburn said: "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.
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"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 RBS, 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."
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