UK laser cutting/engaving machine maker CTR Lasers wins HSBC/grant funding to expand

The scheme is designed to support small to medium-sized enterprises (SMEs) to grow their business and is supported by the government's Regional Growth Fund (RGF). The company, which was set up in 2004 by current managing director Neil Pritchett, has secured £160,000 equipment finance funding from HSBC and a £30,000 grant from the Regional Growth Fund to purchase equipment that will enable it to manufacture laser cutting machines from its Brackmills Industrial Estate base. CTR has created three new jobs, as well as a new apprenticeship, as a direct result of this investment. The company offers UK-manufactured affordable and bespoke cutting and engraving machines and is also the UK distributor for MicroStep, one of the world's leading suppliers of Computer Numerical Control (CNC) cutting machines equipped with plasma, laser, oxy-fuel and water-jet technologies as well as routing and drilling machines. The company, which supplies customers from a range of sectors, including educational facilities, research and development departments and sheet metal companies, recently moved into larger 9,000 sq ft premises in preparation for its expanded manufacturing capabilities. CTR Lasers is a family run business, with managing director Neil Pritchett at the helm, son Luke in charge of production and daughter Donna managing administration. Neil Pritchett says: "This new equipment will enable us to become the leading volume producer of laser machines in the UK, competing against firms inUS, Europe and Australia. We'll have greater control over the quality of our machines and this move will create new jobs in UK manufacturing. We are a fast-growing, forward-thinking business that wants to stay ahead of the competition and this investment will enable us to do this." HSBC's Northamptonshire, Milton Keynes and North Bedfordshire area commercial director Andy Mason, added: "Made in Britain carries a brand premium, so it is fantastic to see equipment tha has been designed in the UK also being manufactured here. HSBC's Assisted Asset Purchase Scheme is designed to help businesses, such as CTR Lasers, that want to invest in assets and to take on new staff, or secure existing jobs. I would urge other businesses in a similar situation to get in contact with us to discuss whether the Regional Growth Fund scheme could support their future plans." The Regional Growth Fund is a £2.6 billion Government scheme operating across England from 2011 to 2016. It supports projects and programmes that lever private sector investment to create economic growth and sustainable employment. HSBC has agreed to facilitate up to £25 million of the fund via its 'Assisted Asset Purchase Scheme' to support small and medium-sized businesses that are purchasing assets such as machinery and vehicles in order to grow. Qualifying businesses with up to €50 million turnover can receive additional funds of up to £500,000 to put towards the acquisition of assets, which create or safeguard employment when the purchase would not ordinarily go ahead without RGF support.