An expanding electronics company is enjoying life in new premises and has created new jobs thanks to a quarter of a million pound grant from the Regional Growth Fund.
Kingfield Electronics, based in Chesterfield, has moved from two premises into a large manufacturing facility that provides an increased range of manufacturing capabilities improving its competitiveness within the global electronics manufacturing marketplace.
The £2.5m project was supported by an RGF grant of £250,000 from the Sheffield City Region Local Enterprise Partnership.
The grant has enabled Kingfield Electronics to create 30 new jobs and safeguard a further 20 jobs.
Kingfield Electronics’ new 45,000sq ft facility at Carrwood Road is in excess of twice the size of the previous premises and the company says it provides “a far better platform on which to develop and win new customers.”
The project includes further investment in new equipment and the implementation of existing equipment that has been in storage due to a previous lack of space.
Kingfield Electronics started in 1985 and manufactures products for companies operating in a number of high reliability, high technology areas including aerospace, defence, process instrumentation, and oil and gas production.
It has grown, though global competition has become tougher due to increased amounts of manufacturing moving out of the UK to countries offering cheaper labour rates.
Nick Taylor, managing director of Kingfield Electronics, said: “There is a constant requirement to offer ongoing performance improvements, cost reductions, and ever-quicker turnaround times.
“This latest investment has involved purchasing and refurbishing our new premises, as well as adding new production equipment, including an additional high-speed robotic assembly line.
“We are still a relatively small company, with no group company or external investors. However, we hope that this expansion – made possible with the grant from the RGF – will enable us to grow and compete more strongly in a global marketplace.”
Councillor John Burrows, Chesterfield Borough Council’s leader and executive member for regeneration said: “Chesterfield is on the up – each year we see new businesses relocating to the borough and existing businesses like Kingfield Electronics growing. In great part this is due to our own regeneration team providing expert support for Chesterfield businesses.”
“It is great to see businesses growing thanks to the funding they have received from the Sheffield City Region Local Enterprise Partnership and as a board member I will continue to work with other members in the partnership to get the best deal for businesses and residents in the region.”
The grant funding has come from the LEP’s “Unlocking Business Investment” programme which has seen £32m in central Government funding allocated to the Sheffield City Region.
Around £29m of that fund has already been allocated, while £3m is still available to small and medium-sized enterprises that plan to create sustainable, private sector employment in the Sheffield City Region.
Earlier this year, it was announced that the Sheffield City Region has secured a £320m “growth deal” from the Government, which will create more than 28,000 jobs and training for 40,000 people.