A Thetford-based metal cutting and processing firm will benefit from a new fund set up to help Norfolk and Suffolk companies recover from the COVID-19 pandemic.
Pegasus Profiles has been awarded a grant from New Anglia Local Enterprise Partnership’s new Business Resilience and Recovery Scheme.
The £3.5m scheme was launched in late April to support short-term resilience projects and longer-term diversifications.
Pegasus Profiles applied for the funding to purchase a new 12Kw fibre laser cutting machine. It will allow it to substantially increase its capacity to cut carbon and stainless steel plate up to 35mm thick – improving its efficiency, remove the need to sub-contract certain work and reducing lead time for customers. The new laser will help keep the company at the forefront of engineering in the eastern region.
Richard Oliver, Group Finance Director of Pegasus Profiles, said: “Following our strategic review in light of the Coronavirus crisis, we are taking measures to safeguard the business through a mix of activities, including product diversification and improving operating efficiency and effectiveness.
“We’ve identified several opportunities – including broadening our laser cutting capability – which will extend our vertical integration and improve service by bringing selected sub-contracted manufacturing in house.”
Chris Starkie, Chief Executive of New Anglia LEP, said: “In these challenging times, it’s essential that we move quickly to support businesses, and this is an excellent example of a business looking to become more efficient, drive innovation and diversify at this crucial time.
“I’d encourage any business which is reviewing its processes, considering investing in new equipment or which needs support to reopen, to speak to one of our business advisers at the New Anglia Growth Hub.”
New Anglia Growth Hub provides free, impartial support for businesses across Norfolk and Suffolk. Call 0300 333 6536 or email [email protected]
For information about the Business Resilience and Recovery Fund, visit https://newanglia.co.uk/grant/business-resilience-and-recovery-scheme/