A Cornish advanced engineering company that specialises in supplying solutions for subsea and harsh environment applications has secured a £1 million growth loan from the Cornwall and Isles of Scilly Investment Fund (CIOSIF).
Falmouth-based Feritech Global, which was recently named Exporter of the Year at the Cornwall Business Awards, designs and manufactures a market-leading range of marine geotechnical equipment for customers across the world.
CIOSIF funding will be used to increase the stock of technical equipment it holds, which is available to customers for lease and hire. This will enable the company to meet demand which has increased significantly.
This upturn in business has been boosted by the launch of a new Feritech Innovation Centre in April. This new facility offers a full range of services including product design, fabrication, machining, electronics, electrics, embedded software, hydraulics and 3D printing services.
The £40 million Cornwall & Isles of Scilly Investment Fund provides debt and equity finance from £25k to £2 million to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP).
Ken Cooper, MD at the British Business Bank, said: “With exports accounting for 95% of turnover, Feritech is a global business with ambitions to expand into new territories this year. I’m delighted the fund is supporting this growth as they bring their innovation to some of the world’s most challenging engineering sectors.”
