City Engineering (Bristol) Ltd, one of the longest established family-run engineering companies in the UK, has its sights firmly focused on the future having just invested over half a million pounds in new laser equipment with funding secured from the UK’s largest asset finance provider, Lombard.
Robert Davies, Chairman of City Engineering, whose father established the business in 1946 said “We took a strategic decision to invest in the Trumpf Fiber Laser because the advanced technology it provides will increase efficiency and allow us to work with a broader range of materials including copper and brass. In addition, the new machine has a lower power output which reduces running costs, while introducing a lights-out system will also save on the cost of operating shift work.”
City Engineering, which employs 55 staff at its Bristol base, has set up a hire purchase agreement with Lombard over 60 months.
Davies continues, “This is the second piece of machinery that we have purchased through Lombard. Having used asset finance rather than cash, this provided us with greater flexibility and allowed us to preserve our capital and was therefore a logical funding solution for us. The machinery will more than pay for itself during the contract period, and we take ownership at the end of the term.
“While Trumpf equipment is very reliable and downtime limited, we took the decision to take out the Key Asset policy which provides accidental damage for seven years. The policy gives us additional reassurance in the event of user error or damage to the machine. As a complicated piece of equipment, we would be left with a huge repair bill but this policy safeguards us against this kind of unexpected cost.”