Swiftool grows with Yorkshire Bank backing
An engineering firm based in Sutton-in-Ashfield has invested a six-figure sum on a new machine tool after receiving funding from Yorkshire Bank. Swiftool Precision Funding said the investment is a continuation of its £3m expansion plan.
The company has purchased a £410,000 Matsuura multi-pallet machine funded by Yorkshire Bank’s Financial Solutions Centre (FSC) in Nottingham.
The investment follows a £3m expansion project through which Swiftool moved to its 30,000 sq ft facility in Huthwaite last summer.
The company produces parts to the aerospace, defence, nuclear and oil and gas industries.
Managing director, Stuart Handley, said: “The investment in the new Matsuura machine allows us to keep ahead of the competition by improving efficiency and reducing lead times and is the latest part of our major expansion programme.”
Swiftool, which is jointly owned by father and son Peter and Stuart Handley, was founded in 1977 and employs 55 staff.
