Preston-based engineering firm targets nuclear sector with £865k funding

Engineering firm Printing Press Services International Limited has revealed expansion plans after landing a six-figure funding package from Lloyds Banking Group.

The Preston-based company will use the £865k to rebrand as PPSI Manufacturing and diversify with the 2017 launch of its new nuclear business, PPSI Nuclear.

Founded in 1966, Printing Press Services International Limited went on to become one of the biggest newspaper printing press manufacturers in the UK.

However, following a dip in work linked to a downturn in newspaper sales, the company diversified and today works with SMEs and blue chip clients across the automotive, oil and gas, construction, nuclear, defence and robotics sectors.

The announcement, made as PPSI celebrates its 50th anniversary, follows the appointment of Craig Hester to the role of managing director.

Craig, who has served as the company’s operations director for six years, said: “It’s no secret that the global newspaper sector has suffered a downturn in recent years, however, further to our restructure and refinance, PPSI is now well-placed to become a leading specialist engineering and manufacturing company.”

He added: “Since the restructure, PPSI has already secured new major contracts in new markets, making this an exciting opportunity moving forward.”

PPSI’s 80,000 sq ft workshop houses modern computer numerical control machinery, enabling the firm to carry out tasks ranging from simple assembly to heavy engineering projects.

Johnny Abraham, an advisor at Leeds-based J9 Advisory, assisted PPSI in the restructuring process.

He commented: “The industry has seen a high number of casualties in recent times so it is very rewarding to have worked closely with the PPSI team to achieve the new funding and see the uplift in sales activity since the EU Referendum result.

“These are exciting times for the business.”

Lloyds Bank Commercial Banking’s regional manager, Charlotte Jackson, said: “It’s great to see a long-established engineering business like PPSI diversifying and creating new growth opportunities.

“The business has an excellent top team in place and is now well-placed to win new business across a variety of sectors.”