Midlands engineering group Norcrest is driving forward … with help from Stratford-upon-Avon solicitors Lodders.
The Birmingham-based business – whose products mainly go into the automotive sector – is expanding and remains on the acquisition trail if the right opportunities come up.
It has completed five purchases in the last two years.
“We are still looking for more – we remain hungry,” said Simon Jennings, who owns Norcrest in partnership with colleague Roy Jones. “We are keen to expand our customer base.”
Norcrest owns Birmingham firms Cronation, which makes products for builders and plumbers merchants, and Ren Tools, a specialist in cutting tools. It also has AG Precision (Sheet Metal) of Luton, and pressings firms Stratford Precision of Redditch and Waites Pressings of Barrow in Furness.
The group has a turnover of £8.5 million and employs 100 people.
Stratford Precision was purchased in 2009 and has now been successfully turned around.
Then, last Christmas, Norcrest bought the assets of Waites Pressings from the administrators. The shop floor workers have kept their jobs and output is already expanding.
Mr Jennings said: “We have managed to save both the Waites name and business.
“It has a large contract to produce components for Helical Technology Ltd, a major turbo charger manufacturer. Helical then delivers the completed components to Stratford Precision for further engineering work and onward sale to the automotive manufacturers.”
Waites is set to sign a new ten year lease on its premises in Barrow.
Alastair Frew, real estate partner at Lodders, said: “Norcrest is a progressive company which is developing steadily.
“We have advised them on a number of legal matters and it is good to see a manufacturer doing well. Norcrest is an SME success story.”
A total of 70 per cent of Norcrest’s output goes into automotive with the rest destined for the white goods sector. Around five per cent is exported, mostly to Europe.
