Paragon Bank has provided £1.6 million of funding to Northern Ireland-based Datum Tool Design to support investment in aerospace manufacturing equipment.
The funding has supported the purchase of a PROMAC SHARAV HGVT 4.0 machine, a 22-metre, 5-axis machining centre that Paragon said is the largest of its type in Ireland.
Founded in 1996 and based in Lisburn, Datum Tool Design designs and manufactures high-precision tooling for major aircraft programmes.
The company works with aerospace manufacturers and their supply chains, including Airbus, Bombardier and BAE Systems. Its work includes composite tooling, assembly fixtures, trimming and drill tooling, and build-to-print aerospace tooling.
Paragon said the new machine would allow Datum to manufacture larger and more complex aerospace tooling in-house, while increasing production capacity and giving the business greater control over quality, scheduling and delivery.
The investment forms part of Datum’s wider plans to expand its advanced manufacturing capability in Northern Ireland. The company has also secured grant support from the Aerospace Technology Institute linked to a broader investment programme, including a new facility to house the machine.
The deal was introduced to Paragon by Paul Close Finance in Northern Ireland and was led for Paragon Bank’s SME Lending division by Joe Blanthorn, business development manager, with support from Terry Lloyd, head of vendor.
Blanthorn (pictured, centre) says: “Datum Tool Design is a strong example of a specialist UK manufacturer investing for growth. The business has built a reputation over many years for supporting technically demanding aerospace programmes, working with some of the biggest names in the sector.
“This investment gives Datum the ability to take on larger and more complex projects, while bringing more capability in-house. It also shows the important role asset finance can play in helping established SMEs access the high-value equipment they need to improve productivity, compete for new work and support long-term growth.”
Michael Maguire, director at Datum Tool Design, says: “Datum has grown by building long-term relationships with customers in the aerospace sector and by focusing on the quality and precision that major aircraft programmes demand.
“The new 5-axis machining centre is a significant investment in the next stage of our development. As the largest machine of its type in Ireland, it gives us greater capacity, more flexibility and the ability to manufacture larger, more complex tooling in-house.
“Paragon and Paul Close Finance understood the importance of the project and worked with us to put the right funding in place.”
Paul Close, director at Paul Close Finance, adds: “Datum Tool Design is a highly skilled Northern Ireland business with a strong track record in aerospace manufacturing.
“This was a significant asset purchase, so it was important to work with a lender that understood both the value of the equipment and the wider growth opportunity for the customer.
“Paragon took a practical and supportive approach throughout, helping deliver a funding package that supports Datum’s continued investment in advanced manufacturing.”
