Coventry engineering firm NCMT secures £13.5m NatWest funding to drive advanced manufacturing growth
Coventry-based precision engineering specialist NCMT Limited has secured a major new banking deal to support its management buyout and accelerate growth in the UK’s advanced manufacturing sector.
The business has agreed a new primary banking relationship with NatWest, including an £8.3m revolving credit facility and a £4m bond facility, plus Foreign Exchange, and operational support, taking total facilities to £13.5m. The package is designed to give the management team the financial headroom to modernise the business, invest in innovation and support larger, more complex contracts in the UK and overseas.
Based on Siskin Drive in Coventry, NCMT has already used part of the funding to complete a management buyout from its previous shareholders, putting control firmly in the hands of the existing leadership team and setting the company up for its next phase of growth.
Incorporated in 1964 and with over 60 years of trading history, NCMT is recognised as a key contributor to the Midlands’ advanced manufacturing cluster. The firm specialises in the distribution, integration and servicing of high-technology machine tools for metal cutting and grinding, helping manufacturers improve efficiency and cut material waste – areas that are increasingly important to UK industrial policy and sustainable growth.
Managing director Jonathan Smart said the agreement marked “a pivotal moment” for the business: “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.”
Finance director, Timothy Dooner said the new banking facilities were shaped around the realities of modern manufacturing: “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, said: “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.”
NCMT’s growth plans are closely tied to regional priorities around skills and high-value employment. The company operates a long-standing apprenticeship programme, investing in the next generation of engineers and working with industry and training partners to address the engineering skills shortage that continues to challenge UK manufacturers.
As the new management team looks to expand, they expect to grow the workforce in Coventry and the surrounding area, increase intake to apprenticeship and early-career programmes, and support customers in adopting more efficient machining processes. This, they say, will strengthen the Midlands’ position as a hub for advanced manufacturing and contribute directly to the UK’s wider industrial growth strategy.