Wolverhampton-based 3D Tooling Technologies (3DT) is set to expand its operations following the acquisition of new hardware from Chester Machine Tools, facilitated by funding from Paragon SME Lending.
The five-figure package will see the specialists in product and component prototype development, design and manufacturing expand the range of services now available to clients, including steel cutting.
Based in Staffordshire and a leading global supplier of manufacturing equipment, Chester Machine Tools supplied 3DT with a Chester VF1100 High Speed Ultra High Performance CNC Machining Centre, designed for high-speed and high-efficiency machining.
The funding for 3DT’s acquisition was arranged by Wayne Hall, Paragon SME Lending’s Business Development Manager for manufacturing.
Commenting on Paragon’s role in supporting the acquisition between Chester Machine Tools and 3DT, Wayne said:
“I’m delighted that Paragon has facilitated 3DT’s acquisition of new equipment from Chester Machine Tools, two leading specialists in their fields. By providing innovative businesses with access to funding in a timely and efficient manner, Paragon is playing a key role as a catalyst for growth in the manufacturing sector. I look forward to supporting other businesses in accessing the funding necessary to further their aims and grow their client base.”
Commenting on the process of securing the funding and what it will mean for the business Paul Reeves, a founding partner of 3DT, said:
“As we continue to grow our customer base it is important that we can acquiring the equipment necessary to increase our capacity and the range of services 3DT is able to offer. Thanks to Wayne Hall and the team at Paragon we have been able to do both, as part of a smooth and easy process that will allow us to develop, design, and manufacture pioneering products.”
Discussing Paragon’s role in facilitating the deal between 3DT and themselves Graham Cherry, Chester Machine Tool’s CNC Sale Manager, said:
“I have been involved in the machine space for many years and have had an excellent experience working with Paragon. Its knowledge in the machine space, together with its appetite and willingness to support Chester and our customers has been a breath of fresh air.
“From the initial introduction they dealt with the whole transaction and made it very simple and straight forward for us and the customer. The dialogue and the relationship built is one which will be long lasting and one that adds significant value to Chester’s proposition, as well as supporting our customers advance in their respective businesses.”
For further information contact:
Tom Frew
Media Relations Manager
[email protected]
www.paragonbank.co.uk
Notes to editors:
Paragon Bank PLC a subsidiary of the Paragon Banking Group PLC which is a FTSE 250 company based in Solihull in the West Midlands. Established in 1985, Paragon Banking Group PLC has over £13 billion of assets under management and manages over 450,000 customer accounts.
Paragon Bank PLC is authorised and regulated by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands, B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551.