Innovative pressure regulator manufacturer, Pressure Tech, has invested almost £1m in state-of-the-art machinery – and expanded its premises and workforce – with the help of the D2N2 Local Enterprise Partnership’s Unlocking Investment for Growth programme.
Following significant growth, the Derbyshire-based company needed to increase its capacity and efficiency, to take advantage of increasing demand from customers worldwide. The firm specialises in producing regulators for high pressure pneumatic and hydraulic systems, in the oil and gas industry (as pictured below).
Steve Yorke-Robinson, Managing Director of Pressure Tech, said: “The grant came along just when we needed the support to grow the business. It allowed us to invest in the resources we required, not only the extra machinery but also the increased space to support our future plans.”
The project involved the purchase of a new 4,000 square foot unit in Hadfield, Derbyshire. The £140,000 grant from the D2N2 Local Enterprise Partnership (LEP) was used to purchase additional, more efficient CNC (Computer Numerical Control) machinery, to produce components for Pressure Tech’s range of high quality stainless steel pressure regulators.
Seven jobs have been created to service the increased production – including machine operators, assembly engineers and sales administrators – taking the total number of employees to 31. A further four posts are due to be created over the next six months.
The D2N2 UI4G programme has been supported by the Regional Growth Fund and the European Regional Development Fund. UI4G grant awards have been given by the D2N2 LEP Investment Panel, chaired by Board member Peter Gadsby. The aim of the fund is to create long term, sustainable jobs.
Pressure Tech is already realising the benefits of its investment. The new machinery operates on two products simultaneously and holds sufficient tools to make components in a single process. The elimination of multiple set-ups has reduced machining time by 50%.
The new machine shop creates a positive and professional first impression for customers, and has contributed to Pressure Tech being added to the approved vendors’ list, for key accounts in target sectors.
The next phase of expansion for Pressure Tech is the development of an oxygen clean room which will open up further opportunities for the firm in the diving market, as well as improve services for existing customers across the world’s oil and gas industry.
Peter Gadsby, Chairman of the D2N2 LEP Investment Panel, added: “Pressure Tech are already seeing the impact that improved efficiencies can bring and this has allowed them to take on new staff. This is a great example of how our UI4G programme can help deliver jobs and support business growth.”
The UI4G programme is now fully committed and no longer accepting applications. Grants already approved will create over 400 new jobs in total and safeguard a further 350. The programme has inspired business owners in the D2N2 area to invest over £20million, alongside the grant support, to grow their businesses.
For media enquiries on this news release call Sean Kirby, Communications Officer at the D2N2 LEP, on 01159 578749 or email: firstname.lastname@example.org