Member Article

Foulridge’s T&R Precision Engineering move to £1.3 million facility

Foulridge-based T&R Precision Engineering has moved into a new £1.3 million million facility and is creating 10 new jobs with funding support from NatWest and the bank’s asset finance partner Lombard.

T&R Precision Engineering manufactures and supplies parts to a range of UK and global aerospace companies in both the civil and military sector including Boeing, Airbus and BAE Systems.

The company had been leasing a unit for its main operations but due to the rapid expansion of the industry, the business wanted to purchase its own premises to better support staff and customers.

A total of 62 highly-skilled workers are employed at T&R Precision Engineering.

Lombard provided funding for new equipment for the premises.

The new premises will allow for T&R Precision Engineering to better display their operations to customers and give staff more space to work.

Managing director of T&R Precision Engineering, Tim Maddison, said: “The aerospace industry is expected to grow significantly over the next two decades.

“By 2031 the world’s passenger fleet will have expanded by 110 per cent from 15,550 today to over 32,550 aircraft.

“T&R Precision Engineering wants to be in a place to support this expansion.

“We found ourselves in a position where we had outgrown the rented business premises but wanted to find the right space to support the business, our staff and our machines.

“We have skilled workers living in this area so wanted to remain here. The premises we purchased were used by another firm in the industry so it was exactly what we needed.”

This was posted in Bdaily's Members' News section by Sophia Taha .