A Sheffield magnet manufacturer has ploughed more than £250,000 into the business after unprecedented growth in turnover.
Anchor Magnets, the UK’s only manufacturer of flexible extruded magnets, has expanded its machining capacity and launched a new integrated management system to better serve clients.
After turnover for the first half of 2014 reached a record £3.1m, the company has tripled its conversion and cutting capacity for sheet magnetic material and has plans for further expansion to machining capabilities for its extrusion plant.
Warren Turner, managing director, said: “We have seen healthy growth across the business and this has created a need for targeted capital investment.
“Crucially, we needed to be better placed to react to customers and increased demands and to create greater capacity so that we can plan for, and manage, further growth.
“In less than 12 months, we have tripled our capacity for conversion and cutting of magnetic sheet and we have significantly increased our laminating facilities.”
Anchor Magnets is a leading solutions provider to industry and the only UK company in the magnet industry to provide a bespoke engineering facility, which has enabled it to meet the requirements of companies including Bentley, Audi and Aston Martin. The company, which is on target for a turnover in excess of £6m, is also a leading supplier of magnetic point of sale materials used by Vodaphone, O2, Marks and Spencer, Tesco, Morrisons and many other High Street retailers.