Firm plans to double operation

An engineering firm under new ownership plans to double its size within five years, thanks to a six- figure funding package from Royal Bank of Scotland.

Ayrshire Precision Engineering, a manufacturer of components for the oil and gas industry, has been bought out by its managing director of four years, Chris Hepburn.

Established in 1969, the business has grown to a turnover of approximately £ 2million, and Chris hopes to double its size by diversifying into other sectors using state- of- theart equipment and automation.

The company has invested more than £ 1million in equipment over the last four years.

The firm currently employs 23 staff, ten of which joined as apprentices.

Funding was provided by Royal Bank of Scotland and Lombard Asset Finance, with the support of Lombard senior relationship manager, Kenneth Mair.

Owner Chris said: “Ayrshire Precision Engineering turns 50 in 2019, and while we want to celebrate our heritage, we’re also looking to the future.

“We are investing in our equipment, updating our processes, and training our apprentices in the skills needed to successfully diversify the business into new markets.

“We’re in a good position to do this, thanks to an experienced team and loyal client base, and will continue to deliver the high quality components and service we’re known for.”

Andrew Macleod, of Royal Bank of Scotland, added: “Although the oil and gas industry is in a period of relative stability, Chris and his team are taking the opportunity to expand.”