A major relocation into bigger purpose-built premises, which is expected to create ten new jobs, has been made by a South Yorkshire engineering company to help it double in size in the next four years.
Global business, Cutting & Wear Resistant Developments Ltd, has moved into a £5m, 38,000 sq ft offices and manufacturing plant on a three-acre site at Smithy Wood Business Park, near Sheffield. The company made the investment after gaining backing from Yorkshire Bank’s South Yorkshire Financial Solutions Centre (FSC) through the Bank’s Investing for Growth initiative.
The flexible site at the 50-acre Smithy Wood Business Park, developed by St Paul’s Developments, allows for a further 18,500 sq ft of manufacturing space and 2,500 sq ft of offices to be added as the company expands to keep pace with global demand for its products.
The latest machine tool technology installed at the new facility will help enhance efficiency and streamline manufacturing. The company, which supplies oil field service companies worldwide, will be able to handle components up to 30ft long as opposed to 20ft long at its previous location.
Cutting & Wear, which manufactures-to-order, down-hole drilling tool technologies for multi-national oil service businesses and supplies associated consumables and equipment has relocated from premises in Greasebrough Road, Rotherham.
The business, founded in 1968 by Brian Russell, father of managing director, Mark Russell, currently has 67 staff, an £8.2m turnover and exports to more than 50 countries worldwide.
Mark Russell says: “This relocation to state-of-the-art premises is central to our move to develop a world-class, technology-based engineering business as global demand for oil and gas continues to outstrip supply.
“As well as improving efficiencies across the company and reducing our carbon footprint, our new headquarters will help re-enforce the quality of the Cutting & Wear brand in oil and gas drilling locations worldwide. This is a major investment for the company which sets our course for years ahead.
”Yorkshire Bank South Yorkshire FSC has responded well to our requirements for the new facility and to our growth plans generally.”
South Yorkshire FSC business partner, Oliver Dean, said: “Top class manufacturing and exporting as carried out by Cutting & Wear will prove crucial as the UK economy looks towards recovery and we are pleased to be supporting this business.”
Construction consultancy Turner & Townsend acted for Cutting & Wear as development advisor overseeing the construction and fit-out of the new facility and provided funding monitoring services for Yorkshire Bank South Yorkshire FSC.
Yorkshire Bank’s Investing for Growth initiative also enables businesses to take loan repayment holidays, interest-only repayments and extended loan and credit terms to support quality growth opportunities. Businesses taking up the package can re-invest the cash into their operation for expansion, new staff, equipment, machinery and commercial development.
Yorkshire Bank’s South Yorkshire FSC, which covers Sheffield, Chesterfield and the Dearne Valley, operates multi-discipline teams, encompassing corporate banking, private wealth management, treasury services and credit and operates a traditional method of banking with funding from deposits used to support investments in the local community.