Thetford manufacturer to create 20 new jobs
PUBLISHED: 13:29 18 December 2014 | UPDATED: 13:29 18 December 2014
A Thetford-based refrigerator manufacturer has embarked on a recruitment drive after rolling out plans to expand the business.
Precision Refrigeration has invested £500,000 into the company to expand its manufacturing plant and buy an adjoining building.
The move is part of a reorganisation of the company, which will lead to 20 new jobs and the installation of a new punching and automatic bending machine.
Its growth comes after the Confederation of British Industry (CBI) revealed earlier this week that manufacturing orders had grown at their fastest pace for four months, despite the stagnant impact of the Eurozone.
The total order book balance from the CBI’s monthly Industrial Trends Survey lifted to a balance of plus five in December, its highest level since August.
Nick Williams, managing director, said: “Our sales, both in the UK and overseas, have rocketed over the last 12 months. We’ve been growing at around 40pc year on year and have been running extra shifts to keep up with demand. It’s a great position to be in but, of course, it brings its own problems.
“The new building gives us the capacity to meet rising demand and the potential to increase production substantially.”
Speaking about the recent rise in manufacturing orders, CBI director of economics Rain Newton-Smith said: “The otherwise solid outlook for UK manufacturers is tempered by a challenging global backdrop.
“With eurozone growth disappointing and some emerging markets facing a tough time, firms need to look harder for opportunities to ramp up exports to high-growth sectors across the globe.”
The falling oil price helped manufacturers cut costs, with crude falling to 62 US dollars a barrel last Friday - its lowest price since 2009.
Capital Economics UK economist Paul Hollingsworth said: “The upbeat tone provides an encouraging signal that manufacturers can grow despite the stronger pound and weak eurozone.”