Plymouth business manufactures 21 years of success

Family-run manufacturing firm Tooltech Ltd, which is celebrating 21 years in business this month, has quadrupled its turnover and since it was established, thanks to support from NatWest.

The Plymouth-based firm was founded in 1997 after owner Mark Newcombe secured funding from NatWest to buy the business from Davey and Son – a firm he had worked with for more than 15 years.

Mark and his wife Jenny, used the funding to relaunch the business as a leading design and manufacturing company in the field of wax injection moulds for the aerospace, power generation, medical, marine and automotive industries.

Over the past two decades, financial support and funding from several of the NatWest Group brands has enabled Tooltech to grow its annual turnover from £200,000 to £1.3 million and employ 14 members of staff locally. Steady investment and funding from Lombard, part of the NatWest Group, also allowed the recent upgrade of the firm’s state of the art machinery, and RBS Invoice Finance has provided ongoing cash flow support.

Mark and Jenny now run the business with their three children Jo, Adam and Andrew, with the aim of passing ownership to them and establishing further growth for the business for the foreseeable future. The  company is currently recruiting CNC operators and tool markers.

Mark said: “This is a significant milestone for Tooltech and a testament to the dedication and hard work of the team and our constant innovation of our services. Our design team use the latest Siemens NX software to maximise our design capabilities and several CAM systems to insure the most efficient machining strategies are used. Our range of high precision CNC machines including 3-axis and 5-axis this means we are always using the latest technologies to meet our customers expected quality.

“The support from NatWest over the last two decades has been invaluable to us. Not only did it enable us to buy the business and get a foot on the ladder, but it has also allowed us to grow over the years and focus on ensuring we offer our customers the very best service possible.”

NatWest Relationship Manager Bradley Bryant, who had a significant role in securing Tooltech’s first funding package, said: “Mark first came to NatWest with a vision of owning his own business. Since then, we’ve worked closely with them to develop ongoing financial support which has enabled them to concentrate on growing their business. Congratulations to all at Tooltech on reaching this milestone and here’s to another 21 years of success.”