1. Explain your business in thirty seconds or less.
Expert Precision Engineering is a superior precision engineering company bringing quality and performance to the market at a reduced cost whilst offering a range of services normally only available from multi-million-pound international companies.
2. Where are you based and why is it a good location for your business?
Expert Precision Engineering is located in the North Tyneside area with close links to the A1 and Newcastle airport. This is the best location in England to supply the demand from the oil & gas industry in Aberdeen. In addition to the oil and gas sector, there is an increased demand for the production of high-quality components for the aerospace, motorsport, and nuclear energy sectors. As a region, the North East has a long history of high-quality engineering and manufacturing with its famous former shipyards and steam turbine manufacturers. In our search for premises, we identified significant growth along the North banks of the River Tyne; the Port of Blyth is also becoming increasingly active.
There are several large oil & gas companies taking over the former shipyard sites and with its close proximity to the centre of Newcastle and easy links to the coast and Northumberland the North East is the ideal location. The North East has a wealth of knowledge and experience and being based here allows Expert Precision Engineering to closely support local companies and attract the skilled staff needed to grow.
3. How did you come up with the idea?
Between the three Directors of Expert Precision Engineering, we have over 60 years’ experience with significant knowledge of Oil & Gas, Petrochemical, Power Generation, Nuclear and Automotive industries. We were all at the stage in our career where maximizing on our skills and expertise was our natural progression.
With our combined developed skills and expertise, we considered it our duty to create a company to develop the next generation of highly skilled machinists including recruiting and training apprentices to support the development and growth of our sector.
4. What stage was your business at when you applied for the Start Up Loan?
Although we had our first two machines negotiated, we needed a 10% deposit to secure these with suppliers. We needed a loan to finalise premises and support the first few months of trading.
5. How have you used it to grow your business?
There would be no Precision Engineering without the Start Up Loan from Virgin StartUp. The loan was the platform from which to formalise the machinery needed (put down the 10% deposit!), secure the premises and start to trade. The loan has allowed us to service orders in those crucial first months of trading when invoice terms are often set at between 60 and 90 days.
6. Biggest achievement so far?
In early June 2018, Expert Precision Engineering started with an original team of 3 Directors and 2 machines. Within less than 3 months our team has now expanded with a further 4 skilled employees and an additional 2 machines. We are very proud to have grown so quickly and been able to recruit locally.
7. What’s next for your business?
The rise of industrial computers, design capabilities, and advanced tool control systems have given a boost to precision designing and manufacturing of industrial parts. This trend is expected to continue over the next few years with the extensive use of computers in almost all conventional industrial and institutional applications. Our goal is to eventually start doing work for Redbull, Honda and Powertrain (McLaren). To do this we will need to increase our capabilities with some big investments in 5 axis machines. We are working toward ISO 9001 to penetrate the nucleur and motorsport industries. Following on from that initial accreditation we will be looking to secure AS9100 which is a requirement of the aerospace industry in order to satisfy DOD, NASA and FAA quality requirements.
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