Gloucestershire company increases turnover by 30 per cent and creates 20 new jobs
A Gloucestershire company which manufactures a range of high precision components for the aerospace, oil and gas, marine and defence industries has increased its turnover by 30 per cent and created 20 new jobs after re-shaping its business model following support from the Manufacturing Advisory Service (MAS).
Future Advanced Manufacture, which is based in Cheltenham, has benefited from a strategic review of its business model as well as detailed analysis of its production processes led by MAS. Within a year, the company achieved its goal of achieving a 50/50 split between R&D and high complexity, repeat manufacture. This has enabled them to consolidate operations by bringing all business units together under one roof at a new 38,000 sq ft factory, which in turn has led to a 15 per cent increase in efficiency.
Craig Peterson, Managing Director, Future Advanced Manufacture, said: “As a result of the work done with MAS we have been able to increase our appeal to a wider customer base. This has enabled us win a landmark £1.5m contract to manufacture and supply a key component for a local business, re-shoring production back to the UK from China in order to reduce lead times and costs, and increase quality control.
“The best thing about working with MAS is that they spend time getting to know your business and what you are looking to achieve. We are reaping the benefits of tapping into their expert knowledge and will continue to work with them moving forward.”
John Phillipart, MAS Advisor for Gloucestershire, said: “Future Advanced Manufacture has a clear growth strategy and we worked closely with the team to identify areas in their production process that could be improved and to help develop a culture of continuous improvement. It is very rewarding to see the fantastic progress that the company has made.”
Future Advanced Manufacture has 70 members of staff and a turnover of £8.8m.
