SME of the year

20 Nov 2019

Engineering capacity news posted by Andy Sandford

MNB Precision, a Midlands-based, family-run precision engineering firm has been named the Small to Medium Business of the Year at The Lloyds Bank National Business Awards.

The company was also named as finalists in the Exporter of the Year category. Earlier this year, MNB was named Insider UK Manufacturers of the Year (Under £25m). Directors, Luke Benton and Elliot Benton, were also shortlisted for Institute of Director Awards – Director of the Year Family Business, and Director of the Year International Business respectively.  

MNB Precision is a third-generation family-owned business, with third generation owners Luke and Elliot taking over the company in 2012.

At nearly four decades old, MNB has continued to flourish by bringing all operations under one roof, adopting a servitized business model and acquiring local engineering company i8.  

MNB currently employs 103 members of staff and has more than 40 customers based around the globe. The company specialises in CNC precision engineering and provides its services predominantly to the oil and gas industry.  

Managing Director Luke Benton said: “To win another award this year is truly astounding, and we are incredibly grateful. We are constantly striving for innovation and growth, and it is motivating to be recognised nationally yet again, especially at such as well-known and prestigious awards ceremony.” 

Following a new servitized business model, turnover is rapidly growing at MNB. From £3.7m turnover in 2017, the company is on track for the five-year target of £20m turnover by 2020. The business will then focus on the next target of £50m turnover by 2025.  

Simon Park, Vice President of the Lloyds Bank National Business Awards said: “This year’s awards has seen fierce competition in every single category. I would like to extend the warmest congratulations to all this year’s winners. Our entrants face a rigorous judging process, so it’s no mean feat getting on the shortlist of The Lloyds Bank National Business Awards, never mind winning one. However, our winners this year have proven themselves to be world-class British businesses and we hope these awards continue to encourage and foster even more ambitious and achievement in the future.”