Coventry-based MNB Precision Engineering is celebrating after being awarded Manufacturer of the Year at this year’s prestigious Insider Made in the Midlands Awards. Two Manufacturer of the Year awards were presented at last Thursday’s awards ceremony in Birmingham, with MNB Precision scooping the title for the under £25million turnover category and securing itself a place in the national Insider Made in the UK Awards.
The family-run business was one of seven other Midlands manufacturers in line for the top title, which was awarded to MNB Precision for its customer-led strategy which has seen the company’s turnover treble to £10.5million in the space of just two years.
Managing Director, Luke Benton, who runs the business together with his brother, Elliot, said: “We are ecstatic to have received this award, which is testimony to the sheer hard work, determination and effort we, and our team, have put into bringing MNB Precision firmly into the 21st century and turning the business around.”
Since taking over the reins in 2012, Luke and Elliott have helped MNB Precision to come back from the brink by implementing a focused business strategy in which it has embraced servitization and diversified its offering. This subsequently put the company in a strong position to take advantage of an upturn in the oil and gas, which resulted in it increasing its staffing from 30 to 101 employees.
With turnover forecast to hit £18million next year, MNB Precision is set to continue to go from strength-to-strength, providing services for over 40 customers, many of which are OEMs and Tier 1 companies.
Luke, who has also been shortlisted with his brother in the IoD Director of the Year awards for the West Midlands region, adds: “To win a Manufacturer of the Year award is a huge achievement for any company, but given the journey we’ve been on in recent years, it’s confirmation that we’re on the right path. We know what we’ve achieved so far has been significant, but to win an award for it, makes it even more momentous.
“Our sights are now firmly set on building upon our success. We plan to continue to invest in our business and put our customers at the heart of everything we do, understand their challenges and adapt to provide them with solutions more innovative than the last.”
In the last year alone, MNB Precision has invested £750,000 in new CNC machines to boost productivity. And it intends to spend a further £500,000 in the coming months. Be it oil and gas, medical, nuclear, defence, automotive or defence, every sector is demanding more complex components and MNB Precision is focused on providing bespoke parts, as and when required.
