Engineering firm expands footprint with new acquisition
Engineering firm Parker Precision has expanded its footprint in the Black Country after acquiring the assets of another local business, with support from Lloyds Bank.
Parker Precision has been able to purchase key assets from the precision grinding department of Kepston, formerly based in Aldridge, using a six-figure asset finance loan from Lloyds Bank. The deal will safeguard the jobs of the department’s eight existing employees and see the business move its operations to Parker Precision’s recently extended manufacturing site in Bilston.
The team at Lloyds Bank also helped to fund the construction of a new extension to Parker Precision’s site, which will now be used as the new home of the precision grinding department.
The purchase will complement Parker Precision’s existing precision machined components manufacturing business and enable it to offer more services to its customers in the aviation, petrochemical and defence industries. The deal will also enable Parker Precision to expand into new sectors including motorsport and pharmaceutical engineering, as well as food packaging.
Parker Precision is hoping that the new acquisition, combined with a return in demand following the coronavirus pandemic, will help to increase its turnover by as much as two-thirds next year compared to 2020. It is also hoping to grow its team of 33 employees, which includes one apprentice, with at least two new members of staff.
Marc Corns, owner and managing director of Parker Precision, said: “The precision grinding department at Kepston Ltd is well established and a major player in the industry. Combining our expertise will strengthen both businesses and enhance the products and services we can offer our existing customers, as well as bringing in new clients.
“The Lloyds Bank team has been by our side as we’ve continued to grow in recent years and helped us to keep on track with our latest developments, even throughout the challenging conditions we’ve faced during the pandemic.”
Claire Carr, relationship manager at Lloyds Bank, said: “Parker Precision has a burgeoning reputation in the region and beyond, and their acquisition of Kepston’s precision grinding division will not only help them to grow further, but also protect a number of jobs in the region.
“I know their ambition is to create even more jobs in the future, which will provide a boost for the local economy, and we will support them as they look to do so.”
