Six-figure investment to deliver team and turnover growth for Rotherham engineering firm

Precision engineering services company Swallownest Engineering Ltd is growing its turnover and staff count with a six-figure investment from UK Steel Enterprise (UKSE).

The £100k boost will help Swallownest owners Ian McCrossan, Steve Sample and Mike Smith press ahead with plans that will grow the firm’s turnover past £2.2m this year – a £500k improvement over the last two years.

The company, based in Rotherham, has added three engineering specialists to its now 26-strong team during the last four months. It plans to recruit additional machine workers later this year.

Mike Smith said of the deal: “We are delighted to have received this investment from UK Steel Enterprise, which has immediately helped us to drive the business forward.

“By increasing our cash flow, we have been able to appoint extra employees who have increased efficiency and productivity.”

He continued: “Our skill is in the ability to adapt and provide engineers with the replacement parts they want, when they want them.

“UK manufacturing output is at its highest for ten years, which has helped us to maintain our recent progress and with the support of the UK Steel Enterprise funding, we are confident we can continue on our upward trajectory.”

UKSE is a subsidiary of Tata Steel, set up to support growing businesses with equity and loan finance.

Allan Wood, investment manager at UKSE, commented: “Over the last 10 years the management team have worked hard to rebuild Swallownest Engineering after 2006 when its major customer closed its Sheffield production facilities and moved the orderbook to Finland, resulting in a loss in turnover of over £1.5m.

“Our connection with the company goes back over 15 years and we are pleased that we have once again been able to support its current growth plans.”