Stoke-based Copper & Optic Terminations, which specialises in wiring, cable and fibre optic assembly for the military, aerospace, medical and professional electronics industries, has enjoyed rapid growth and had reached capacity in its previous premises in Hanley, in the West Midlands.
Phil and Carole Latham, who started the company in 1997, approached NatWest for help in funding a move to larger premises on the Stone Road Industrial Park in Newcastle.
The couple borrowed £1.24m through the Funding for Lending scheme to buy a 17,000 sq ft facility, which is nearly three times bigger than their former location plus an additional 65,000 sq ft which they will let to other businesses. They also plan to let out their former premises.
This has enabled Copper & Optic, which employs 37 staff, to compete for bigger contracts. The plan is now to double their current turnover of £2.3m in three years’ time and increase the number of staff by 10.
Phil Latham said: “We are doing very well and we’re expanding as we take on more work from our existing clients and adding new customers as our reputation grows. The new premises offer much more space for workshops and offices as well as storage.”
Mark Savill, Senior Relationship Manager at NatWest. said: “We’re delighted to have been able to help Copper & Optic with funding to support their growth objectives.”