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Regional Growth Fund - Micron Workholding Ltd

Regional Growth Fund - Micron Workholding Ltd

Company profile

Micron Workholding Ltd is a family owned and run precision engineering business based in Cambridgeshire. As well as general subcontracting, the company also manufactures its own product, MicroLoc, which is a work holding used on the CNC milling machines.

Business challenge

Micron Workholding has a good reputation for quality milling work, particularly in the motorsport sector. The company was recently awarded a five-year contract with a significant tier one supplier into the motorsports sector.

Micron has been tasked to undertake all of the machining work and in order to fulfil this contract, they required a new multi pallet-machining centre as their existing machinery had neither the capability nor the efficiency to cope with this.

Micron also recognised that they would need an additional member of staff to service the contract.

Solution

We worked with Managing Director, Matthew Jenness, to put together a sound application for a grant from the Regional Growth Fund (RGF) to purchase the new equipment.

They were successful in securing £30,000 from the Regional Growth Fund, which could be used towards the deposit for a Hire Purchase agreement.

Result

Micron was able to purchase the piece of machinery that was specifically ideal for high precision batch work, replacing three smaller machines that were unsuitable for the new contract, thus increasing efficiency.

With the assistance of Close Brothers and the Regional Growth Fund, the company was able to safeguard two existing roles and create a new position for an apprentice.

The investment has had such a positive effect on the business that it’s now considering extending the factory to facilitate further expansion.