An expanding engineering firm has marked its 60th anniversary by opening a new apprentice training school.

Otley-based Craftsman Tools has used bank funding to add a 5,000 sq ft extension to its 20,000 sq ft factory to create to the new academy and expand the range and volume of products it makes, 40 per cent of which are exported.

The £5 million turnover business, which has a US sales office in Chicago trading as Chevin Tools, aims to increase revenues by around 15 per cent this year.

The firm has used a five figure loan from Lloyds TSB Commercial Banking to fund the expansion and the new academy which has dedicated training machinery and a training officer, and has initially recruited six apprentices, with more due to start this year.

They will complete a four-year apprenticeship, including weekly college attendance, to obtain a Technical Certificate and NVQ Diploma in Performing Engineering Operations.

Craftsman Tools, which has 63 employees, makes precision work, toolholding and associated products for machine tool manufacturing, oil exploration, aerospace, automotive and power generation.

The loan followed an asset finance facility from Lloyds TSB Commercial Finance to buy two new machines to enable Craftsman to manufacture much larger parts for oil, gas and power generation companies. .

Managing director Robert Johnson said: “We’ve taken on apprentices for many years, a number of whom are still with us today, but this new initiative will really enable us to invest in our future here in Otley and we look forward to welcoming new apprentices in the coming year. The recent expansions wouldn’t have been possible without the support provided by our relationship manager at Lloyds TSB Commercial Banking, who put together a funding package tailored to our specific needs.”