L-R James Newman, Chairman of Finance Yorkshire, Ian Howson, Investment Manager Finance Yorkshire, Lee Bloodworth, HSBC International Commercial Manager, Jon Day, Laser Cutting Company Managing Director.
Laser Cutting Company Ltd is the only tubular laser cutting company in the region, delivering tubular, sheet and flat metal parts on a daily basis to customers throughout the UK.
Established in 1981, it was one of the first companies in the country to cut materials with a laser - as opposed to saw or flame cut - and serves industries including aerospace, architectural, construction, automotive, medical and retail.
Laser Cutting Company offers an extensive range of bespoke parts including square, rectangular, oval and round tube, sections and beams (in 3 Dimensional/6 Axis mode) as well as sheet, plate and flat profiles, enabling many clients to use them as a one-stop-shop for all their primary metal processing needs.
Since being bought out of receivership by managing director and major shareholder Jon Day in 2008, the profitable business is continuing to make good progress.
A strong and committed team has contributed to a turnaround for the organisation and the Laser Cutting Company has invested in new machinery, upgraded infrastructure and expanded the works area.
But a funding gap requirement, alongside asset finance provided by HSBC bank, was identified for its expansion plans in established core markets.
Thanks in part to a £25,000 investment from Finance Yorkshire, the Laser Cutting Company has added to its world class technological capabilities with a new piece of equipment from manufacturer Trumpf which will assist with the company’s expansion plans.
The machine will be the only one of its kind in the UK and will help Laser Cutting Company cut tubes and sections with large diameters, ensuring they can take on complex jobs while ensuring precision and accuracy.
The purchase will nearly double Laser Cutting Company’s capacity and enable them to expand their range of services further as a result.
The Investment Rationale
Asset finance provided by HSBC Asset Finance made up the bulk of funding as this was viewed to be the best method of primary funding for plant and equipment purchases of this nature.
The £25,000 loan from Finance Yorkshire was a contribution to the remaining ten per cent to complete the deal and demonstrates how Finance Yorkshire can fill the lending gap to help businesses meet their needs for growth.
Finance Yorkshire were able to offer new funding at a critical time when further investment was needed to support the Laser Cutting Company’s recent growth and during a time, thanks to the current economic situation, when finance and borrowing can be hard to come by.
The purchase of the Trumpf technology will allow the company to expand its capacity and services, ensuring Laser Cutting Company customers continue to get fast and reliable service at the best price.
- Laser Cutting Company Ltd (Acrobat .pdf 2.7MB)