Autocraft Solutions Group, the UK’s leading provider of engine related manufacturing and engineering services, purchased the facility on Booth Drive earlier this year using a seven-figure funding deal from NatWest, Lombard Asset Finance and Royal Bank of Scotland Invoice Finance.
The investment which includes the purchase of the 6,500 sqm site and its assets, has enabled Autocraft to re-establish the manufacturing of key engine components including cylinder heads and cylinder blocks which will support its engine build requirements at its Grantham headquarters.
Founded in the 1970s, Autocraft has grown to become Europe’s largest independent engine remanufacturer and assembler, supplying manufacturers such as Jaguar Land Rover, Ford and Aston Martin.
With an annual turnover of £21.5million, Autocraft employs more than 200 people. At Wellingborough, eight new jobs have been created to date and a further 30 new jobs in the region are expected to be created before the end of the year.
Mike Hague-Morgan, co-owner and commercial director at Autocraft Solutions Group, said: “Obtaining good quality cylinder heads and blocks on-time and to the highest quality has been a significant priority for our business for a long time. Thanks to the support from NatWest, Lombard and RBSIF, we are now able to take control of our supply chain and support our other operations across the Group with these major components.
“Manufacturing has already begun, and we hope to develop our sales funnel containing significant opportunities for short and medium-term growth, as well as strengthen our presence as an employer in Wellingborough over the coming months.”
Garry Wilkinson, manufacturing sector specialist at NatWest, said: “We used our expertise within the manufacturing sector to support Autocraft’s ambitious growth plans, which included the purchase of its new facility and ensured they secured adequate funding and structuring advice for their current and future needs. It’s great to see Autocraft is already laying plans to utilise the new location in ways that will have optimal benefits for its business.”