Lincoln-based laser machinist Micrometric has received £360,000 funding from HSBC UK to invest in the purchase of a specialised laser cutting machine.
This will help Micrometric, which is one of only three UK companies with the system thanks to HSBC UK funding, to meet demand from the automotive sector.
The new cutting machine – a Rofin StarCut – allows the firm to execute extremely precise laser cutting operations, producing particularly intricate parts.
It is accurate to within a quarter of a hair’s width. It is typically used for the creation of medical implants, such as stents, but allows Micrometric to reduce numerous mechanical machining functions into a single laser operation.
Being one of only three firms in the UK with this specialist equipment, the new machine is estimated to increase company turnover by around 25% as Micrometric, who were founded in 1982, expands its presence in the global automotive sector.
Micrometric moved to its site in Lincoln in 1994 and provide specialised parts for companies across industrial Britain, Europe and America.
Managing Director at Micrometric Neil Main said: “With a quarter of our business already coming from the automotive sector, we’ve seen increased demand for more intricate parts in this industry.
“The Rofin StarCut machine will allow us to meet this demand and continue to grow our relationships with car manufacturers. This investment allows us to enter the next phase of our business cycle as we increase our output and provide even more intricate and specific parts for a wide range of businesses and industrial sectors.”
HSBC UK’s Area Director for Business Banking in the East Midlands, Paul Armstrong, said: “HSBC is committed to helping ambitious businesses in the UK expand their operations and thrive. We’re thrilled to be able to support Micrometric with the necessary funding to pursue new opportunities in the market and develop their production capacities.”
The funding comes from HSBC UK’s recently launched £200 million lending fund to support small and medium-sized enterprises (SMEs) in Lincolnshire and the Fens, as part of its broader commitment to helping British businesses realise their ambitions for growth.
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