Engineering firm eyes ‘next phase’ after funding boost

A Coventry-based engineering specialist is gearing up for expansion after securing a £13.5 million funding package to support a management buyout and future growth.

NCMT Limited has agreed a new primary banking relationship with NatWest, including an £8.3 million revolving credit facility and £4 million bond facility, alongside foreign exchange and operational support.

Part of the funding has already supported a management buyout from NCMT’s previous shareholders, placing control of the business with its existing leadership team.

Bosses say the package will provide financial headroom to modernise operations, invest in innovation and pursue larger and more complex contracts in the UK and overseas.

They add the growth plans are also expected to create additional employment opportunities in Coventry and the surrounding area.

Managing director Jonathan Smart said: “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.  

“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.”

Founded in 1964, Siskin Drive-based NCMT specialises in the distribution, integration and servicing of high-technology machine tools for metal cutting and grinding.

Its technology helps manufacturers increase efficiency and reduce material waste, supporting the wider shift towards more productive and sustainable manufacturing.

NCMT intends to expand its long-standing apprenticeship and early-career programmes as it invests in the next generation of engineers and responds to skills shortages facing UK manufacturers.

Finance director Timothy Dooner added: “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.”

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