A Coventry-based precision engineering specialist has completed a management buyout backed by a £13.5m funding package from NatWest, which will also be used to accelerate growth in the UK's advanced manufacturing sector.
A Coventry-based precision engineering specialist has completed a management buyout backed by a £13.5m funding package from NatWest, which will also be used to accelerate growth in the UK's advanced manufacturing sector.
NCMT Limited has agreed a new primary banking relationship with NatWest, including an £ 8.3m revolving credit facility and a £4m bond facility, plus foreign exchange, and operational support. The package is designed to give the management team the financial headroom to modernise the business, invest in innovation and support larger, more complex contracts in the UK and overseas.
Based on Siskin Drive, NCMT has already used part of the funding to complete a management buyout from its previous shareholders, putting control in the hands of the existing leadership team.
Managing director Jonathan Smart said the agreement marks "a pivotal moment" for the business.
"With the ownership transition complete, we now have the flexibility to invest in new technologies, continue our apprenticeship programmes and grow our role in the regional and national manufacturing ecosystem," he said. "Advanced engineering is central to the UK's industrial growth strategy, and Coventry has been at the heart of that story for generations.
"This funding allows us to build on that heritage and push into our next phase."
Incorporated in 1964 NCMT specialises in the distribution, integration and servicing of high-technology machine tools for metal cutting and grinding, helping manufacturers improve efficiency and cut material waste.
Finance director Timothy Dooner said: "We took our requirements to market in a competitive process and were looking for a banking partner that understood export cycles, bonding requirements and the need to invest in skills over the long term.
"The structure we've agreed gives us the working capital and contract support we need, without constraining our ambitions to grow and innovate."
Will Jones, relationship director at NatWest, added: "NCMT is a standout Midlands manufacturing solutions provider, combining decades of engineering heritage with a clear focus on innovation and advanced machining technologies.
"The business is deeply embedded in the region's manufacturing ecosystem and plays a crucial role in helping UK industry improve productivity, reduce cycle time and compete internationally.
"We've put in place a flexible funding package that supports NCMT's growth ambitions and reflects the strengths of the Midlands as a hub for high-value manufacturing. By backing investments in new technology, skills and process development, we're helping ensure that firms like NCMT can continue to lead in precision engineering and drive the next wave of industrial innovation across the region and the wider UK economy."
