A precision engineering firm based in Llanbradach has secured a £650,000 invoice finance facility to support its growth.
JR Gilbert Engineering has been supported by banking firm Santander.
An invoice finance is where a firm sells their invoices to a third party company for a percentage of their value.
It is hoped this will allow the engineering firm, which was established in 1983, to bid for larger projects and grow its workforce.
The company specialises in cutting, surface grinding and precision machining, and works with sectors such as rail, energy, steel, print and food and drink.
Managing director Colin Beavis, said: “This facility will allow JR Gilbert Engineering to continue to grow and take advantage of the many opportunities in the engineering sector.”
Latest news
- Bid to change flats development branded a “disgrace”
- 18-year-old dealer who advertised drugs on Snapchat jailed
- Savings pot will be a “godsend” for council
- Stricter rules to be put in place in supermarkets
- Negative Covid test needed before travelling to Wales
- Transport for Wales to reduce services due to coronavirus
Paul Williams, of Santander UK, said: “The team at JR Gilbert Engineering has performed incredibly well and achieved significant organic growth, doubling its revenues over the last three years despite challenging economic conditions.
“Following their move to Santander earlier in the year, we are delighted to provide this facility as the business enters its next growth phase and we will work closely with them as they continue their journey.”
Stay informed with quality, independent, local journalism…that matters
We believe the public should be informed about their community, coherently and with context. However, running a professional news service comes at a financial cost.
We are asking readers for their support to help us develop and grow our service.
Our membership costs from just £3 a month and in return, you can use our website without adverts.
Thank you.
Become a member – cancel anytime