They needed to obtain sufficient insurance cover to enable them to accept larger orders on offer.
The engineering industry was greatly affected by the pandemic, especially as both the automotive and aerospace industry down-scaled their production. This in turn resulted in poor profit performances within the engineering companies who support them and the rising energy prices have only added to it.
The knock-on effect of this has been an unwillingness in the insurance industry to insure those affected by the pandemic, which can cause issues with both our sales, where insurance cannot be obtained and income is limited, and with purchasing where our suppliers are reluctant to offer sufficient credit resulting in a higher number of pro-forma purchases.
We therefore found ourselves in a position where we needed to obtain sufficient insurance cover to enable our Company to accept larger orders offered.
The solution we chose through Nimbla has enabled us to accept larger tooling orders and opens up the opportunity to win further projects of this scale. This is helping our growth. We currently have our largest order book in our history – thanks to Nimbla supporting us. They are willing to take a more objective view of customers’ recent performance when deciding whether to insure.
We expect to recruit up to a further 5 skilled engineers to accommodate these projects and have reinstated our nightshift.
We would highly recommend Nimbla to other companies due to the flexible nature of the invoice-by-invoice facility and also due to Nimbla’s appetite to explore insurance on customers that some other insurers might shy away from, due to the affect covid has had on their performance.
Now able to accept larger orders and has opened up the opportunity to win further projects of this scale.
Planning on recruiting 5 more skilled engineers to accommodate the newly won projects and have reinstated the nightshift.
Allowed much more flexibility when quoting for new work.
Now been able to reduce our borrowing.
“We currently have our largest order book in our history – thanks to Nimbla supporting us.”
Diane Workman – Cube Precision Engineering Ltd
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