One of the UK’s leading electronics manufacturers based in Warwick is buying its premises for over £1 million after receiving a grant from a government initiative designed to boost the economy and create jobs.
SMT Developments in Heathcote Way on the Heathcote Industrial Estate was among ten projects approved by the Coventry and Warwickshire Local Enterprise Partnership (LEP) to receive funding from round two of the government’s Growing Places scheme.
Established in 2000, SMT Developments assembles microelectronic printed circuit boards for a broad range of sectors offering bespoke solutions from design and prototyping through to volume manufacture of complete units.
Using leading technology, state-of-the-art PCB production and inspection equipment, strict quality testing and structured PCB manufacturing processes, SMT Developments produce and assemble products of the highest quality so that they are ready for market quickly and cost effectively.
Since inception SMT Developments has grown from a two-man operation to a business showing a £2.8 million a year turnover.
Phil Rowley, Managing Director of SMT Developments, believes a further 30 per cent growth is anticipated during the current financial year.
The family-owned firm is purchasing the 13,200 sq ft unit which it currently leases and is set to increase its workforce from 30 by a further 13 employees by January 2016.
“The grant of nearly £165,000 from Growing Places has helped us to buy our premises which, including VAT, will be in excess of £1 million,” Phil said.
“This purchase allows SMT Developments to justify further investment into the building and machinery required to service the anticipated customer growth.”
Phil, who runs SMT Developments with his fellow directors, his wife, Elaine, and son, John, said Business Development Adviser Rob Bent of Coventry City Council’s Business Investment team had been extremely helpful in assisting with the successful funding application.
He added: “The help of Rob Bent and the team at Coventry City Council was crucial in receiving the grant and this is only the first part of the story because we plan to invest around £200,000 in further machines before the end of 2013.”
Cllr Izzi Seccombe, leader of Warwickshire County Council and CWLEP board member, said SMT Developments is a superb example of a business which had grown from a sole trader to employing highly-skilled employees working on exciting projects.
She said: “Small enterprises such as SMT are crucial to the prosperity of the county as they create and sustain jobs in the area.
“SMT Developments is now at its fifth premises in Warwick having steadily grown over the last 13 years and they continue to evolve and offer more employment opportunities to our residents.
“Buying their premises thanks to receiving a grant from Growing Places is another sign of the company’s success and this is exactly the kind of business which CWLEP wants to support in our aim of improving the economy in Coventry and Warwickshire.”