Friday, September 25, 2015

News: Labfacility sensing further growth

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Rotherham-based Labfacility is modernising its production facilities to capitalise on demand from overseas, following investment from Finance Yorkshire.

The Dinnington firm is the UK's largest manufacturer of temperature sensors, making sensors for industries including petrochemicals, pharmaceuticals, food, glass and aerospace.

Finance Yorkshire was the first European JEREMIE (Joint European Resources for Micro to medium Enterprise) initiative to become fully invested in England. The £90m fund had three investment teams, Seedcorn Finance, Business Loans and Equity Linked Investments. It secured £45m from the European Investment Bank, together with £30m investment from the European Regional Development Fund (ERDF) and £15m from the Government via Yorkshire Forward.

Securing further government and european funding this year, Finance Yorkshire provide loans ranging from £15k to £50k for early stage businesses, £15k to £75k for established businesses and from £15k to £250k for established and profitable businesses.

Labfacility has secured a £50,000 business loan, which will enable the company to replace old tooling and welding equipment. It will also assist with the recruitment of staff to meet demand.

The firm previously secured loans from Finance Yorkshire and Finance For Enterprise (then called Donbac) in 2010. It now employs 70 staff with a turnover of just under £4m.

Labfacility exports 70% of its products with customers in more than 80 countries, including Europe, the US and China. Its two largest customers are global distributors RS Components and Premier Farnell.

Martin Riddett, managing director at Labfacility, said: "We are conscious that our international counterparts are investing so we must keep pace. This latest investment will enable us to increase our welding capacity.

"We are also investing in staff and have recently taken on three apprentices.

"The support we have received has been hugely beneficial. Finance Yorkshire understands our business, they are able to move quickly and always look at the longer-term picture."

Labfacility is also redesigning its e-commerce site, which offers same-day despatch and is responsible for an increasing share of sales.

Melanie Reynolds, portfolio executive at Finance Yorkshire, said: "We are impressed by the expansion of Labfacilty, which has increased sales in the UK and abroad and is creating jobs in the South Yorkshire area.

"We look forward to helping Martin and his team to expand profitably and increase their product range."

Labfacility website
Finance Yorkshire website

Images: Finance yorkshire

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