Space race, F1 and Spitfire parts deliver fast growth for engineering firm
By Andrew Merrell | 14th August 2018
Earlier this month one of the county's most innovative engineering firms announced a new building - what it did not reveal was the astonishing growth driving its expansion.
Heavily dependent on the oil and gas sector less than a handful of years ago the Staverton-headquartered business realised with a slow-down in that sector imminent it needed to think outside its usual box.
That was when Craig Peterson, chief executive and owner of Future Advanced Manufacture Ltd and his board decided to seek new markets to future-proof the business.
Its innovative responses to clients' engineering needs have proved so attractive that with new customers on board and the oil and gas customer returning, it finds itself in a strong position.
"I am always looking to mitigate risk. We knew with the oil and gas sector shrinking at the time and Brexit on the horizon we needed to think ahead.
"We worked to a worst-case scenario of trade dropping off by as much as 30 per cent.
"We decided to look outside the EU and visited Russian, the USA, the Middle East, to see if we could do business there as well.
"Once we get in the door we then work hard to convert some of those customers to longer term contracts as well. We have been pretty successful," said Mr Peterson, who admitted it might sound easy but the journey had involved an incredible amount of work on the part of everyone at the company.
New clients are in everything from advanced aerospace, Formula 1 and the space industry and the Future Advanced Manufacture - which made its name building prototypes and bespoke research and development projects - now even makes parts for the legendary WWII Spitfire planes.
"I just love the history behind it all," said Mr Peterson, referring to the iconic plane.
As for the new building, it is the third in its growing portfolio adjacent to its Staverton headquarters.
Currently the business has an estimated 85 staff and expected to take on 15 to 20 more, hitting 100 by the end of next year.
Delighted to announce the opening of our new facility to support distribution and light assembly to our global clients. pic.twitter.com/1vqG6C3N3a
— Future AM (@Cra1gPeterson) August 6, 2018
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