60-year-old aerospace manufacturer changes business model for growth
Reading-based JWE brings processes back in-house with funding in place
Business: James White Engineering Group Ltd
Location: Reading, Berkshire
Sector: Manufacturing, Aerospace
Funding: £500,000 Invoice Finance
Formed in 1953, James White Engineering Ltd (JWE) is one of Britain’s leading suppliers to the aerospace, defence and medical industries, producing components that are at the cutting edge of engineering excellence.
The established business boasts a Civil Aviation Authority Welders Approval Certificate, meaning that the firm is fully approved to weld metallic parts that are essential to the airworthiness of an aircraft. The Reading-based manufacturer even makes components that can be found in satellites orbiting the earth.
JWE gained Ministry Of Defence certification in the early 1950s. This allowed the company to diversify from its once humble beginnings as a coach company and create specially fabricated, blue chip parts for aircraft.
Subsequently, in the 1960s, JWE became one of the first companies in the UK to be able to successfully weld aluminium components. Thanks to the reputation built throughout the 1950s and 1960s, consistent investment and an unwavering commitment to quality, JWE is now a Tier 1 supplier to the Aerospace industry, boasting customers such as Eurofighter Typhoon and Zodiac Aerospace.
When the financial crash of 2008 occurred in the UK, JWE looked to diversify and reduce its supplier base. The logic behind bringing more company operations and processes in-house was sound, however, the company needed to have a proficient funding line in place to facilitate this.
To secure the finance required, the business turned to specialist business funder, Bibby Financial Services (BFS). BFS agreed a £500,000 invoice finance agreement, providing ongoing working capital, which allowed JWE to expand its product offering and, in turn, boost revenues.
Ian Tubbs, Director, James White Engineering Ltd, said: “The products we sell are very specialist and are often made by hand. A lot goes into producing these and how much we had to outsource was holding the business back. We took the decision to bring a lot of our previously outsourced processes in house but needed funding in place to do so.
“We had tried to use other, more traditional, financers before finally being recommended to Bibby Financial Services. While most other financers would take months to put our funding into place, Bibby Financial Services came to a decision in a matter of days.
“We’re continually impressed with the service BFS provide to us. The team are extremely personable and always willing to help. This year, we hope to procure new equipment and the funding support we received from BFS will enable this to happen.”
Javairya Raja, Corporate Relationship Manager at Bibby Financial Services said: “James White Engineering is a company that is at the cutting edge of its field. The company is committed to delivering high quality products in the most efficient way possible and continue to invest to improve output capabilities.
“The choice to diversify its business was an extremely astute one and it is fantastic that we have been able to provide the funding that has leveraged this.
“JWE is a fantastic example of an established business, leveraging the benefits of invoice financing to help it to secure its growth into the future.”