Fastlathe Ltd acquires two hi-tech turning centres with £200,000 asset finance credit line from Cambridge & Counties Bank.
Langley Mill and Ilkeston-based engineering firm Fastlathe Ltd has acquired two hi-tech Mazak turning centres to cater for record demand from its clients. The deal was facilitated by broker Ben Lavin of Empire Finance, an approved panel broker.
Established in 1978 by Derek Horspool and currently run by his son, Paul Horspool, Fastlathe Ltd has been providing precision engineering services for four decades to a range of industries including the agriculture, automotive, rail, grass cutting machinery and shop fitting sectors. It also offers the bespoke machining of hydraulic, electronic and security components.
The firm can produce one-off prototypes, small batches through to high volume component production in materials including mild steel, stainless steel, aluminium, cast iron, brass and industrial nylons.
The two new Mazak turning centres will be used to replace an aged asset, which will increase output and improve efficiencies. In addition, two of the firm’s primary customers have substantially increased orders, so the additional machine will mean Fastlathe Ltd does not have to sub contract out the work.
Paul, Fastlathe Ltd, said:
“We believe Fastlathe delivers a highly differentiated, superior service for our clients who value the quality and fast turnaround of our engineering output. Acquiring new machines, such as these two Mazak turning centres, can be a significant expense for a relatively small business such as Fastlathe but we are wholly confident in the firm and our opportunities,”
Arshad Miah, Business Development Manager at Cambridge & Counties Bank, said:
“We are delighted to be helping a UK engineering firm to capitalise on strong demand. This is exactly what we as a bank are dedicated to do – helping UK SMEs invest for growth. Asset finance can be a better means for business to fund new opportunities and we are focused on building our asset finance book further. We saw a 32% growth in asset finance over the 12 months to July and expect similar strong growth looking forward.”