Funding to help PrevTech ‘take next step’

A precision engineering business has secured £200,000 to expand its facilities, create skilled jobs and target new markets.

Marlborough-based PrevTech has received the investment from the British Business Bank’s South West Investment Fund, delivered by The FSE Group.

The company provides precision machining services, manufacturing complex components for customers including businesses within Formula 1 supply chains.

Bosses say growing demand for its rapid-turnaround machining services has created opportunities for further expansion.

They add the funding will support increased production capacity, facility improvements and the creation of up to five jobs over the next three years, including CNC machining and quality-focused roles.

PrevTech will also invest in quality and cyber security accreditations as it looks to broaden its customer base and secure new opportunities within the aerospace and defence sectors.

Martyn Roberts, managing director and co-founder of PrevTech, said: “We’ve built the business on the back of our experience, technical expertise and a commitment to delivering quality work for customers.

“Demand has continued to grow, and this investment gives us the confidence and resources to take the next step.

“Expanding into larger premises, bringing in additional skilled people and achieving the accreditations needed for new sectors will help us unlock exciting opportunities while continuing to support our existing customers.”

Amanda Sheppard, investment manager at The FSE Group, added: “PrevTech is a great example of a South West manufacturing business with strong technical capability and clear growth potential.

“Martyn and Chris have built a solid reputation in a relatively short period and have identified a well-defined route for growth.

“This funding will help the business increase capacity, create skilled jobs and open up new opportunities in aerospace and defence, supporting the long-term development of the company.”

The South West Investment Fund offers loans from £25,000 to £100,000, debt finance up to £2 million, and equity investment up to £5 million, helping smaller businesses access funding they might otherwise struggle to secure.

Lizzy Upton, senior investment manager at the British Business Bank, added: “Precision engineering businesses like PrevTech have an important role in driving growth in advanced manufacturing and other UK Industrial Strategy priority sectors.

“The Bank is focused on helping high-potential companies in these sectors scale and remain in the UK and this investment, delivered through the South West Investment Fund, will unlock further growth in the region.”

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