Derbyshire engineering company secures £1.5 million loan to purchase new technology and expand sites
A Derbyshire engineering business has been granted a £1.5 million loan through the Midlands Engine Investment Fund to help purchase new technology and expand its two sites near Ilkeston.
F C Laser Limited, which provides precision laser cutting and metal fabrications using fibre technology, aims to increase production and scale up their operations following the cash injection from private equity firm Maven Capital Partners.
The loan which was awarded through the Midlands Engine Investment Fund (MEIF), was backed by the Coronavirus Business Interruption Loan Scheme and will be used to purchase new technology for the business to enable the automation and expansion of its two sites close to Ilkeston.
F C Laser’s investment in machinery will enable the cutting of a variety of metals to ISO 9001 standards and hopes to help the metal fabrication specialist become recognised as one of the leaders in British laser cutting.
The Ilkeston business has completed several national projects and worked with Nottingham University, Countrywide Property Services, Sapphire Balconies and Notts County Football Club.
With the funding provided through the MEIF, the precision laser cutting company which was founded in 2011 aims to become ‘even more efficient’ so it can deliver a wider range of projects across the UK.
F C Laser has a management team with over 20 years combined engineering and commercial experience.
Managing director at F C Laser Danny Fantom commented: “The ongoing investment we continue to make into our machinery will allow FC Laser to keep up with our rapidly growing customer demand.
"The expansion of our Ilkeston site cements our business as one of the fastest growing precision laser cutters in the UK.’’
Investment director for Maven Richard Altoft added: “This is an established, growing business with an experienced management team and strong client base.
"Maven is delighted to provide the funding to enable the company to achieve its continued expansion plans in the years ahead.”
Lewis Stringer, senior manager at the British Business Bank said: “The MEIF is committed to driving business growth across the Midlands, with the fund’s latest investment supporting a manufacturing business to increase their efficiency and realise their growth potential.
"We’d encourage other businesses looking to continue to invest and grow across the region to consider the options available through the fund.”
Chief Executive at D2N2 Local Enterprise Partnership Sajeeda Rose commented: "Through the Midlands Engine Investment Fund, we want ambitious businesses to have the opportunity to grow and innovate, so I’m delighted to see this investment for F C Laser.
"Our region is known for its advanced manufacturing and this investment will support the sector to continue to innovate and adapt and create more highly skilled jobs for our communities.”
The MEIF is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
While the Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy (BEIS).