Metal cutting firm scoops crisis grant to upgrade machinery
PUBLISHED: 04:12 14 July 2020
A metal cutting firm is celebrating after scooping a £50k grant towards a laser cutting machine which will substantially increase its capacity.
Pegasus Profiles in Thetford will be able to buy a new 12kW fibre laser cutting appliance thanks to support from New Anglia Local Enterprise Partnership’s new Business Resilience and Recovery Scheme. The £3.5m scheme is aimed at helping Norfolk and Suffolk firms to recover from the effects of the coronavirus crisis.
The machine will enable it to substantially increase its capacity to cut carbon and stainless steel plate up to 35mm thick – doing away with the need to sub-contract certain work and cutting lead time for customers.
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Pegasus group finance boss Richard Oliver said: “Following our strategic review in light of the coronavirus crisis, we are taking measures to safeguard the business through a mix of activities, including product diversification and improving operating efficiency and effectiveness.
“We’ve identified several opportunities – including broadening our laser cutting capability – which will extend our vertical integration and improve service by bringing selected sub-contracted manufacturing in house.”
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New Anglia LEP boss Chris Starkie said: “In these challenging times, it’s essential that we move quickly to support businesses, and this is an excellent example of a business looking to become more efficient, drive innovation and diversify at this crucial time.
“I’d encourage any business which is reviewing its processes, considering investing in new equipment or which needs support to reopen, to speak to one of our business advisers at the New Anglia Growth Hub.”
New Anglia Growth Hub provides free, impartial support for businesses across Norfolk and Suffolk. Call 0300 333 6536 or email email@example.com
For information about the Business Resilience and Recovery Fund, visit here.
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