Positive signs from Hurco

One of the very few physical, as opposed to virtual, machine-tool open houses to take place this year was Hurco Europe’s COVID-safe event at its headquarters in High Wycombe last month. Nearly 20 companies attended, less than half the number expected in a normal year. However, the company sold four ex-demonstration machining centres, including a five-axis model. New machine sales for the month of October were actually a little better than in the same period last year.

Says managing director David Waghorn: “All our staff have been back working full-time since 1 June. Obviously it has been a challenging year, but there are some positive signs. We’re seeing a lot of reshoring from the Far East and Europe, especially of moulds and dies, but also of general subcontract work. In addition, we’ve sold 14 refurbished second-hand machines this year.”

For further information
www.hurco.co.uk

Government extends £1m tax break

HM Treasury is extending a £1m tax break to stimulate investment in UK manufacturing and boost market confidence. Businesses, including manufacturing firms, can continue to claim up to £1m in same-year tax relief through the Annual Investment Allowance (AIA) for capital investments in plant and machinery assets until 1 January 2022. The extension of the temporary £1m cap was originally due to revert to £200,000 on 1 January 2021.

Financial Secretary to the Treasury Jesse Norman says: “It is vital that we support business through the difficult months ahead. Extending the AIA’s £1m cap will give manufacturers the confidence they need for investment into next year, helping them to grow while also benefitting the wider economy.”

For further information www.gov.uk

Loan helps COVID-ready transition

Close Brothers Asset Finance has provided specialist designer and manufacturer, Brand Consortia, with a term loan backed by CBILS to help the business through the COVID-19 period, putting it in a positive position once site working is deemed safe again.

Based in Oldham, Brand Consortia specialises in the design and manufacture of signs and graphics for high-profile customers. Prior to the COVID-19 outbreak, the business was on track to post a record year. However, the bulk of the company’s order book was postponed for a minimum of eight weeks because of the outbreak.

Matthew Sproston, area sales manager for the manufacturing division at Close Brothers Asset Finance, says: “We’re delighted to have been able to support a British manufacturing business at a time when they needed it most. The directors approached us for forbearance on their existing agreement, which was granted. They also needed a cash injection to provide working capital and help cover the new costs associated with adapting to social distancing measures in their manufacturing facility. The funds will provide the working capital they require to trade out of the pandemic.”

Brad Tupman, managing director at Brand Consortia, adds: “Pretty much the entirety of our workload has been suspended because the type of work we undertake involves site visits; these are critical to our work and have been pushed back to until the pandemic settles down. We have supply agreements in place with our customers and we’re confident in fulfilling our orders once we’re allowed on site again.
“We weren’t eligible for the small retail grant, business rate relief or larger schemes, and had been looking at CBILS as a financing option,” he continues. “We’re grateful that Close Brothers Asset Finance really stepped up, continuing to help businesses like our own while other lenders were not looking to take on new customers.”

For further information
www.closeassetfinance.co.uk

New facility

IMI Truflo Marine – a manufacturer of critical flow control solutions – plans to create a multi-million-pound centre of engineering excellence in the West Midlands. A state-of-the-art 57,000 sq ft manufacturing and design facility will take shape at Birmingham’s Advanced Manufacturing Hub (AMH) in a deal with Barberry Industrial. IMI Truflo Marine will relocate to the Witton manufacturing hub from its existing facility nearby. The company has agreed a 15-year lease on the new headquarters, a move that not only safeguards the jobs of its existing workforce, but creates new employment opportunities.

For further information
www.imi-critical.com

Feritech factory

Subsea sector specialist Feritech has the go-ahead to build a state-of-the-art facility on its land just outside Falmouth. The new 3.5 acre site will greatly increase Feritech‘s manufacturing capabilities and the services offered to both local and global clients. Opening in 2021, the new factory will be capable of handling fabrications weighing up to 20 ton, complemented by a brand-new machining hall. The site will harvest its own water, use ground source to heat the offices and leverage the advantages of a solar roof with power storage to generate electricity. Feritech will also plant over 5000 trees.

For further information
www.feritech.com