Finance
Sector Focus State-of-the-art investment for firms
A manufacturing specialist is investing in a state-of-the-art multi-axis computer numerical control (CNC) milling centre to help it deliver £2m of new orders. Cube Precision Engineering,
which can handle single op prototype tooling to complex multi-stage tooling suites, has spent £300,000 on new MTE BF3200 milling machinery that will boost capacity at its Rowley Regis facility and support development of low to medium volume work for clients involved in the automotive and aerospace sectors. The company has used expert
advice from accountancy firm Haines Watts to unlock R&D tax credits funding that has made the purchase of the new machine possible and is now planning on maximising the new capability to secure a record £5m year. Neil Clifton, who started the
business with engineer Phil Bannister in 2009, said: “It has been a real ‘rollercoaster’ of a year, with a very slow January and February leading into one of the busiest periods in our history. “In the last six months, we have
picked up over £2m of new work and this is split across automotive
Business boost: Neil Clifton (left) and Andrew Jones
and commercial vehicle (£1.7m) and aerospace (£300,000). “We knew the sudden growth
would cause a few production bottlenecks and that is why we have invested in the new CNC milling machine. When the machine is installed, it will give us an additional 15 per cent capacity, provide larger milling capability and, importantly, is faster than previous models.” Employing 42 people, Cube
Precision Engineering can handle
tooling of all sizes, boasting a lifting capacity to 35 tonnes and pressing capacity of 1000 tonnes. The company provides
prototyping, design, simulation, manufacturing and full inspection, giving customers across aerospace, automotive, defence and rail a single-source solution for its complex tooling requirements. As an owner-managed business,
it turned to Haines Watts in 2016 to support its planned expansion, tapping into accountancy services
and business advice to help it realise ambitious plans. The relationship has developed
rapidly over the last three years, with Cube Precision using the chartered accountant’s experts to create strategies on customer engagement, supplier management and boosting operational efficiencies. More recently, Sophie Powell,
who is part of the specialist research and development (R&D) tax team, has transformed the way the company recoups valuable funding for its research and development activities, simplifying the process so that it can maximise its returns. Andrew Jones, partner at Haines
Watts, said: “Our job was to understand the business, simplify the process and make sure the management team was getting the most back for their efforts to improve the business. “We reviewed previous claims and
identified additional qualifying projects that they could claim for and these have resulted in the company having more money available to purchase the MTE BF3200. This expansion will mean investment in the local supply chain and the creation of more local jobs.”
October 2019 CHAMBERLINK 73
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