Sheffield Precision Medical reap benefit of RGF Investment

Published 10th June 2014 at 2:52pm

A Sheffield advanced manufacturing company has significantly increased its workforce and production to meet international customer demand, thanks to a grant in excess of £350K from the Sheffield City Region Regional Growth Fund.

“Having the support of the Sheffield City Region Regional Growth Fund Grant has been strategically important to my company” stated Brian Reece, Managing Director at Sheffield Precision Medical “it’s timing was perfect to allow us to continue to meet the needs of our ever increasing overseas customers”.

Sheffield Precision Medical (SPM) design and manufacture a comprehensive range of instruments used by orthopaedic surgeons around the world during surgical procedures.

The company has invested over £1 million extending its Petre Street premises and installing new state of the art machines and systems with plans to increase their skilled workforce from 26 to 53 employees over the next three years. “With the RGF grant, we have accelerated our investment in plant, machinery and most importantly our people” continued Reece.

The company has already commenced its recruitment drive bringing on board nine new talented machinists, engineers, apprentices and administrators in the past twelve months “Ours is a precision engineering business” added Reece “which requires a unique blend of people and technology to meet our clients demanding expectations”

Their expansion is in response to the growing export business which currently accounts for 25% of the company’s £3 million turnover, with clients spanning Europe and the United States and including Depuy, Corin and Biomet.

“Regional Growth Fund support was critical to our expansion plans. It takes significant time and cost to develop our technology and people to meet the needs of our customers” continued Reece “but without the technology and the people we cannot attract the customers. Regional Growth Fund has allowed us to make the necessary investment to go and win those global business opportunities”. This was recently rewarded when Brian was invited to join David Cameron on his trade mission to China, promoting british advanced manufacturing capability.

Of course, with more customers comes greater opportunity “Our recruitment drive and investment is only starting” announced Reece “we have significant expansion plans in place which we will be announcing in the near future”.

With an ever ageing population and ever increasing demand on healthcare, Sheffield Precision Medical are in a great position to reap the benefits in future global opportunities, which will only bring greater benefits to the Sheffield City Region as a whole. “If you have a sound business proposition that will bring economic benefit to the region, then I’d highly recommend the Regional Growth Fund” concluded Reece.