UK Steel reward for engineering firm’s turnover turnaround
23 Oct 2018
A Yorkshire based precision engineering specialist is on course to increase turnover by 15% after the award of £100,000 from UK Steel Enterprise.
The Tata Steel subsidiary provided the investment to Swallownest Engineering to support the firm’s ambitious growth plans which will see total turnover top £2.2 million – an increase of £500,000 over the last two years.
Joint owner Mike Smith commented: “We are delighted to have received this investment from UK Steel Enterprise which has immediately helped us to drive the business forward. By increasing our cash flow, we have been able to appoint extra employees who have increased efficiency and productivity.”
The award comes at the end of a 12 year period that saw the Rotherham firm fight back from the devastating loss of its major customer, when the client closed its production facilities in nearby Sheffield and moved its order book to Finland.
By increasing our cash flow, we have been able to appoint extra employees who have increased efficiency and productivity
Mike Smith, co-owner, Swallownest Engineering
Allan Wood, of UK Steel Enterprise praised Smith and his co-owners Steve Sample and Ian McCrossan for rebuilding the firm after the withdrawal left them with a £1.5 million loss in turnover in 2006.
The award from UK Steel Enterprise which provides equity and loan finance to growing companies, has allowed Swallownest Engineering to hire three engineering specialists to bring the current staff to 26, with plans to appoint more machine workers.
Added Smith: “UK manufacturing output is at its highest for ten years, which has helped us to maintain our recent progress and with the support of the UK Steel Enterprise funding, we are confident we can continue on our upward trajectory.”
Photo: Ian McCrossen, Steve Sample, Allan Wood and Mike Smith
