Precision engineering firm, N.R. Automatics (Engineering) Limited, has obtained a substantial funding package from Royal Bank of Scotland Invoice Finance and NatWest, to drive forward the production of components for key NHS equipment.
The Colne-based firm has secured an increase to its existing Royal Bank of Scotland Invoice Finance facility and a £200,000 Coronavirus Business Interruption Loan Scheme (CBILS) loan. The deal will enable the business to remain open, retain its employees and purchase materials needed to fulfil contracts for the NHS and transport sector.
Over the last six months, N.R. Automatics (Engineering) has been manufacturing critical parts to support hospitals during the coronavirus pandemic, including the delivery of 25,000 ventilator components and 2,000 water heaters.
N.R. Automatics (Engineering) was first established in 1976 and produces high precision components and assemblies to a wide range of industries including oil and gas, aerospace and automotive.
In 2015, the firm’s directors, Martin Hardisty and Mark Stinchon, purchased the business from the previous owner when he retired. They have since grown turnover to more than £6 million and now employ 68 staff.
Martin Hardisty said: “The support from Royal Bank of Scotland and NatWest was fundamental to the future of our business. Our largest customer closed in March but with orders still coming in to supply components for ventilators and other medical products, as well as parts for the transport and oil and gas sectors, we needed immediate short-term funding.
“The finance has enabled us to buy the necessary materials to fulfil these contracts and pay our employees who are working hard to deliver these products. We are now looking forward to the future as we look to meet our growth plans and expand our client base.”
The increase in N.R. Automatics Invoice Finance facility was supported by Royal Bank of Scotland Invoice Finance Client Manager, Fadi Fattahi, and the CBILS loan was facilitated by NatWest Relationship Manager, Peter Norris.
Fadi Fattahi said: “N.R. Automatics (Engineering) Limited has 40 years’ experience in producing specialist parts for a wide range of industries. The support we have given the business during this time has allowed them to continue to operate and fulfil crucial NHS orders. We look forward to supporting the business in the future as they secure new contracts.”
