PRECISION engineering business Altaras International is set for rapid growth in its second year of trading.

A new £60,000 finance agreement with Santander Corporate and Commercial, backed by the Government’s Enterprise Finance Guarantee scheme, has stood the firm in good stead for the years ahead. Altaras, which is based on the Great Western Business Park in Worcester, specialises in manufacturing precision products for the aeronautical, marine, energy, turbine and defence industries. The new finance will enable the firm to invest in new machinery which will in turn help it to service a range of new contracts. Altaras also plans to recruit up to four new precision engineers and machinists over the next few months.

The international company was set up in May 2012 by business partners and experienced engineers Neil France and Ian Simpson. Both have been in the industry for more than 20 years and have held senior leadership roles in large engineering firms.

Mr France, Altaras managing director, said: “After a hectic first year of business, we are delighted to have secured our first bank funding to enable us to invest in and grow our business. “We could not have predicted such a successful year and we are really looking forward to the rest of 2013 and beyond.”

John Hyde, relationship director for Santander Corporate and Commercial, said the firm was an example of how the finance scheme can help.

“We are pleased to have been able to support Neil and Ian with their expansion plans for Altaras,” he said.

“They are still a very young business, but both have such a vast wealth of experience it is hard to believe they haven’t been in business together for years. “I am really looking forward to working closely with them over the coming years and I am confident they will make an ongoing success of what is already proving to be a very strong business venture.”