Leicester manufacturer lands £1.4m bank deal
Leicester-based Michael Smith Switchgear (MSSL), the electrical control and distribution engineering company, has consolidated two offices into one larger headquarters after landing a £1.4m funding deal from Santander Business Banking.
Established in 1985 by Michael Smith, MSSL has grown into a national business under the leadership of his son and daughter-in-law Sean and Emily.
The funding from Santander Business Banking has enabled MSSL to buy a new premises on Elland Road, which will enable them to operate the whole business from a single base.
The business enjoyed a record-breaking first quarter, with a turnover of £1.2m. In addition, employee levels are at their highest with 35 staff, while an ongoing recruitment drive for further engineering roles is underway.
Sean Smith, managing director at Michael Smith Switchgear, said: “Santander has been a great support as we move to our new premise on Elland Road. The move will allow us to operate more effectively under one roof. Owning and operating from our own premises was a personal goal for us as this gives the business more security, and means we can now shape the premises around how the business operates.”
Jill Butterwood, relationship director at Santander Business Banking, said: “We’re delighted to have been able to support the team at Switchgear. The move to their new offices is a testament to the strong growth and success of the company and we look forward to working with them as they further develop their client base in the UK.”