Loan for laser firm targeting growth

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A Rotherham laster cutting company has borrowed £75,000 to spend on machinery and property as it targets £4.5m turnover.

Specialised Laser Products, which employs 29 and has 500 clients across the country, wants to buy the premises it has been leasing at Ford Park for 16 years.

Managing director Duncan Proctor said: “We have been at Ford Park for the last 16 years and as we have expanded we have taken on further units and now occupy the entire site. Buying our existing premises helps secure the future of the business and keeps us at the same location which is ideal for providing our services to customers nationwide.”

The company serves sectors including engineering, rail, construction and machine knives.

The firm took a business loan from Finance Yorkshire, which is on the lookout for fresh investments after a £5 million injection of funds from Sheffield and Leeds City Region Local Enterprise Partnerships.

Grahame Lunt, investment manager at Finance Yorkshire, said: “Specialised Laser Products is a successful and profitable business which constantly strives to deliver the very best service and products for its customers. Our investment has helped the company secure its premises and ensured the business and jobs are retained in Rotherham.”

Since its inception in 2010, Finance Yorkshire has invested in more than 470 companies which have increased turnover by £470 million and attract a further £290 million from private sector sources. Those firms have created and safeguarded more than 14,000 jobs.