FC Laser has received a £1.5m loan from Maven Capital Partners through the Midlands Engine Investment Fund (MEIF) and backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
The business, which specialises in engineering and metal fabrication, is set to use the finance to purchase new technology and enable the automation and expansion of its two sites near Ilkeston in Derbyshire.
Danny Fantom, managing director, said: “The ongoing investment we continue to make into our machinery will allow FC Laser to keep up with our rapidly growing customer demand. The expansion of our Ilkeston site cements our business as one of the fastest-growing precision laser cutters in the UK.”
Richard Altoft, investment director for Maven, added: “This is an established, growing business with an experienced management team and strong client base. Maven is delighted to provide the funding to enable the company to achieve its continued expansion plans in the years ahead.”
Lewis Stringer, senior manager at the British Business Bank, said: “The MEIF is committed to driving business growth across the Midlands, with the fund’s latest investment supporting a manufacturing business to increase their efficiency and realise their growth potential. We’d encourage other businesses looking to continue to invest and grow across the region to consider the options available through the fund.”
(Source: The Business Desk)