The UK’s largest manufacturer of temperature sensors is modernising its production facilities to capitalise on demand from overseas, following investment from Finance Yorkshire.
Sheffield-based Labfacility makes sensors for industries including petrochemicals, pharmaceuticals, food, glass and aerospace. The business has been trading for 44 years and employs 70 staff with a turnover of just under £4m.
Finance Yorkshire has backed Labfacility with a £50,000 Business Loan, which will enable the company to replace old tooling and welding equipment. It will also assist with the recruitment of staff to meet demand.
Labfacility exports 70 per cent of its products with customers in more than 80 countries, including Europe, the US and China. Its two largest customers are global distributors RS Components and Premier Farnell.
Martin Riddett, managing director at Labfacility, said: “We are conscious that our international counterparts are investing so we must keep pace. This latest investment will enable us to increase our welding capacity.
“We are also investing in staff and have recently taken on three apprentices.
“The support we have received has been hugely beneficial. Finance Yorkshire understands our business, they are able to move quickly and always look at the longer-term picture.”
Labfacility is also redesigning its e-commerce site, which offers same-day despatch and is responsible for an increasing share of sales.
Melanie Reynolds, portfolio executive at Finance Yorkshire, said: “We are impressed by the expansion of Labfacilty, which has increased sales in the UK and abroad and is creating jobs in the South Yorkshire area.
“We look forward to helping Martin and his team to expand profitably and increase their product range.”
Finance Yorkshire’s investments to date have created and safeguarded 10,196 jobs across Yorkshire and the Humber, increased turnover by £309 million and generated private sector leverage of £179 million.
Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m to help a range of small and medium sized businesses to meet their funding requirements for growth and development.