F C Laser Limited has received a £1.5 million 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.
F C Laser provides precision laser cutting and metal fabrications that incorporates the latest in fibre technology. The business’s investment in machinery will enable the cutting of a variety of metals to ISO 9001 standards and allow the business to be recognised as one of the leaders in British laser cutting.
In addition to this, F C Laser has completed several national projects and supports an impressive list of clients from a variety of sectors including Nottingham University, Countrywide Property Services, Sapphire Balconies and Notts County Football Club. With the funding provided by MEIF Maven Debt Finance, the business aims to become even more efficient so it can deliver on a greater range of projects across the UK.
Founded in 2011, FC Laser is backed by a strong management team that has over 20 years combined engineering and commercial experience.
Sajeeda Rose, Chief Executive at D2N2 LEP said: “Through the Midlands Engine Investment Fund, we want ambitious businesses to have the opportunity to grow and innovate, so I’m delighted to see this investment for F C Laser. Our region is known for its advanced manufacturing and this investment will support the sector to continue to innovate and adapt and create more highly skilled jobs for our communities.”
Danny Fantom, Managing Director, at FC Laser Ltd 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.’’
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.”
The Midlands Engine Investment Fund
The Midlands Engine Investment Fund provides over £250m of investment to boost SME growth in the Midlands Engine Investment Fund area. It provides a range of affordable financial products to small and medium-sized businesses (SME) across the D2N2 region such as Small Business Loans, Debt, Equity and Proof of Concept funds to help businesses achieve their growth ambitions
The Midlands Engine Investment Fund is a collaboration between the British Business Bank and ten Local Enterprise Partnerships (LEPs) in the West Midlands and East Midlands. The MEIF is supported by the European Regional Development Fund (ERDF), the European Investment Bank, Department of Business, Energy and Industrial Strategy and British Business Finance Ltd.
The D2N2 ERDF contribution to MEIF is £11.75m.
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy (BEIS).