The Laser Cutting Company secures £25,000 investment
Fund will help metal cutting specialist to increase capacity almost 100%
The Laser Cutting Company (LCC), a tubular, sheet and flat metal cutting specialist based in Sheffield, will increase capacity almost two-fold thanks to a £25,000 investment loan from HSBC and the Finance Yorkshire fund.
LCC will use the money to purchase a leading-edge laser cutting machine from Trumpf, expanding a fleet of machinery that also includes tools from Mazak and BLM Adigie. The company adds that the Trumpf tool will facilitate the provision of new services to its client base, drawn from the aerospace, architectural, construction, automotive, medical and retail industries.
The Trumpf purchase will be the latest in a long line of acquisitions made by LCC over recent years; since being purchased by metals industry specialist John Stalker in 2004, the company has ploughed more than £3m into new machinery, infrastructure and production capacity.
Jon Day, managing director of LCC, said: “Finance and borrowing can be very hard to come by in this day and age and in the current economic situation, so all access to funding and support for businesses is very welcome.”
The LCC deal is a significant milestone in the development of Finance Yorkshire, which was set up and developed by the government as part of a European initiative, and currently provides seedcorn, loan and equity investments of up to £2m to small and medium-sized firms across Yorkshire, north and north-east Lincolnshire.
Ian Howson, investment manager at Finance Yorkshire, said the investment in LCC is “a great example of how we can fill the lending gap to help businesses meet their needs for growth.”