Laser company beams in further investment
LASER cutting and engraving company Cutting Technologies is to pump a further £450,000 in new machinery taking its total investment in the past year to £1.25m.
This latest investment comes from a Regional Growth Fund (RGF) grant of £135,000 and will allow the Barnsley-based company, which is shortlisted in the Manufacturer (SME) category in the Business Masters Awards, to create 10 jobs and increase production.
The remainder of the funding package has been financed by Cutting Technologies.
In 2012 Cutting Technologies increased capacity by buying a Eurolaser but said demand has been so great, the company now plans to buy the latest technology 400w machine.
A new greener and more efficient nitrogen generator is also on order which generates twice the amount of nitrogen using the same amount of electricity.
The capital investments will create 10 jobs by next spring and will open up new opportunities in the re-emerging construction sectors. Cutting Technologies now employs 30 people and operates six lasers across its 18,000 sq ft premises.
Jane Robinson, director at Cutting Technologies, said the funding package would enable the business to grow.
“We are attracting some extremely high profile work across a range of sectors and simply have more work than we have capacity to do at the moment,” she said.
“We are keen to continue growing and this funding will allow us to purchase an extra laser and nitrogen generator which will have an enormous impact on productivity.”
Cutting Technologies had to undergo due diligence from an external accounting firm because of the size of the bid.
Tom Preece from business advisory firm BDO in Sheffield assisted.
He said: “The RGF grant will assist the company to progress its ambitious capital investment plan providing additional capacity in both the metals and non metals sides of the business. This will enable Cutting Technologies to exploit new opportunities across all sectors.”
The project has been supported with grant funding from the LEP’s ‘Unlocking Business Investment’ Regional Growth Fund programme, which has seen £32m in central Government funding allocated to the Sheffield City Region to create sustainable private sector employment.
Cutting Technologies was also supported by Enterprising Barnsley during the RGF application process.
