Expansion for Plymouth optical firm after funding deal

A Plymouth-based company specialising in optical coatings is supporting its rapid growth with new equipment and an increased workforce, after securing a funding package from Lloyds Bank Commercial Banking in excess of £1million.

Artemis Optical, established in 1952, provides specialised optical thin film coatings for lenses and mirrors to manufacturers in defence, security, medical and aerospace industries. It works with both local businesses and international blue chip clients.

Following a growth rate of 40 per cent in the past year and, in addition, recently securing a 10-year contract with aerospace company BAE Systems, the business turned to Lloyds Bank for funding to support its growth ambitions and allow it to continue expanding its client base.

A £800,000 working capital and £210,000 asset-based lending facility allowed Artemis Optical to unlock money tied up in existing assets and help invest £1million in new specialised coating equipment to meet the increased demand for its services.

The expansion of the business, which has an annual turnover of £3million, has also created several new jobs, adding to a now 31-strong workforce.

Nick Hurst, CEO at Artemis Optical, said: “We’ve seen considerable growth over the past year and an increased demand for our products and services. The funding from Lloyds Bank has enabled us to invest in new equipment and meet this demand.

“We currently trade in the USA, France, Turkey, Israel, Australia and Italy as well as to the UK. We have plans to further expand our international client base over the next few years and the funding will provide us with the means to do this.”

Andrew Blanchard, relationship manager at Lloyds Bank Commercial Banking, said: “Our latest research shows that businesses are looking to overseas markets with a quarter of firms anticipating stronger export sales in the next six months. The new equipment and financial support gives Artemis Optical the opportunity to further increase its export sales and client base worldwide.

“We’re committed to helping Britain prosper by supporting businesses like Artemis Optical, which is why we have pledged to grow our SME net lending by at least £1billion until the end of 2017.”