N’Tech Grant Helps Growth
Tuesday, November 11th, 2014
Lasershape based in Chilwell, Nottingham is a precision engineering company, specialising in laser and waterjet-profiling. It was one of the UK’s first laser cutting companies and the privately owned firm supplies blue chip customers across the country. Today, Lasershape produces components for almost every industry sector, from shop fitting, architectural, telecommunications and medical through to transport, aerospace and defence.
Lasershape is investing £745,000 in two, high technology waterjet cutting machines and a CNC bending machine over the next 12 months thanks to funding from Nottingham Technology Grant Fund (N’Tech) and Barclays.
Over the last few years the company, on Brailsford Way, has grown substantially and now employs almost 100 staff, operating around the clock, at a £3million, 38,000 sq ft. state-of-the-art plant.
Ian Evans, Relationship Director at Barclays said: “We have enjoyed a long working relationship with Lasershape and continue our support as they invest further in new technology and machinery. The management team have demonstrated a good understanding of the market in which they operate, and have had the courage and foresight to invest at an early stage in order to maintain a competitive advantage as the economy starts to recover. Not only will this increase productivity and improve margins, but will also help create new jobs at the company.”
A grant of £74,500 from the Nottingham Technology Grant Fund (N’Tech) will support investment in three new laserjet machines to be installed over the next 12 months.
Tim Leam, Director from Lasershape commented: “This investment in the waterjet division over the next few years enables us to increase productivity as well as significantly reduce energy consumption and waste emissions. Four new jobs will be created as well as safeguarding the existing 10 jobs in this division.”
Geared towards the growing life science, digital content and clean technology sectors, the N’Tech fund is run by Nottingham City Council and was launched in April 2013. The programme is focussed on small and medium-sized enterprises (SMEs) within the greater Nottingham area, to support business growth and expansion.
Councillor Nick McDonald, Portfolio Holder for Jobs and Skills at the City Council, said: “Lasershape is a great local success story for Nottingham. This city has always been innovative, and we want to encourage manufacturers based here to invest in their businesses in 2014. We’re keen to support businesses to improve their production efficiency through energy savings and waste reduction. If companies are taking stock for the year ahead, we can help bolster their efforts to make 2014 a profitable year.”
N’Tech is part of the £50million Nottingham prospectus, the city’s package to attract investment to boost Nottingham’s economy which forms a key part of the Nottingham Growth Plan. N’Tech grants are funded solely through the Government’s Regional Growth Fund (RGF). Nottingham City Council secured RGF from the Government for grants to help fast track development of businesses based in the city. The funding can provide grants of £20,000 to £1million per successful company to support growth and expansion.
The N’Tech fund has so far had 29 successful applications across the digital content, life sciences and clean technology sectors and awarded grants to the value £2.9 million with 540 jobs created and safeguarded.
From left to right, Tim Leam – Director of Lasershape, Ian Evans – Barclays & Cllr Nick McDonald – N’Tech