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High profile investor unveils half-a-million-pound technology investment

Byjosephsayer

Nov 27, 2021

NTG Precision Engineers has completed the latest stage of a planned £3.5m investment programme with the acquisition of specialist technology to support the production of precision components used in severe duty applications covering critical markets from energy production to electric vehicles.

The Team Valley-based company has installed a £500,000 CNC Cylindrical Grinder, becoming one of the only sub-contracting precision engineering providers to offer its capabilities in the UK.

It was unveiled by Sir Brian Souter, the co-founder of the Stagecoach Group, who is an investor alongside Ignite Growth, the private equity investment firm that acquired a majority stake in NTG as part of a Management Buy Out (“MBO”) in January 2021.

Manufacturing low volume, high value components for sectors including offshore energy, automotive, defence, food production and power generation from its 16,000 sq ft production facility, NTG has delivered positive growth in recent months.

It continued to successfully operate during the pandemic, in particular supporting the food manufacturing and energy industries with precision parts and tooling for critical equipment.

The new CNC cylindrical grinder, which can process components up to 350mm diameter and 1.6 metres in length, is part of an ongoing investment programme across the business, which includes both capital equipment, but also its workforce.

NTG has already increased its workforce since the MBO with nine new recruits.  It now employs 58, of which 10 are apprentices.

Mike Hutchinson, managing director of NTG Precision Engineers, said: “This is not only an investment in our capabilities, but also to support a continual drive for increased productivity, which is essential for our scale-up strategy.  We are confident that, with the expertise we have in the business, coupled with the introduction of new technologies, we can continue to build our presence in key markets.

“NTG has always been an early adopter of technology and this new equipment delivers capabilities usually only found in Original Equipment Manufacturers.  It allows companies to be able to call upon NTG to deliver specialist components that meet the increasingly complex and intricate requirements of modern manufacturing.”

Sir Brian Souter said: “Ignite is keen to support the growth of ambitious companies and I have been impressed with the strategies and drive of the team at NTG to grow its market share and further demonstrate the specialist engineering capabilities that exist in the North of England.  I am pleased to unveil this new capability, which will enhance NTG’s offering to its growing customer base.”