Luton manufacturer set to expand after £350k MEIF investment

23 October 2020

A Luton-based manufacturer of cutting equipment has secured a £350,000 investment to expand its product line and create new jobs.

Bright Instruments secured the finance from The FSE Group Debt Finance Fund, part of the Midlands Engine Investment Fund (MEIF).

Established in 1937, Bright Instruments specialises in the design and development of cutting equipment used across the medical, education and manufacturing sectors.

The company is set to use the funding to expand its technical, sales and marketing teams – creating seven new roles. It will also increase research and development as the business looks to expand its product offering.

Bright Instruments was bought by its current owners, Harry Nugent and Robert Stanley, in 2015. Both owners are planning on using the finance to further build the company’s reputation for reliability, backed by innovation and imagination.

Harry Nugent, CoOwner of Bright Instrument Co, commented:

 “We are immensely proud of our business and with the support of MEIF, this funding will enable us to reach the next level of growth: expanding our technical, sales and marketing teams, creating seven new positions in 2021. We will also be able to focus strongly on research and development to expand our product offering.

 “David, from The FSE Group, supported and helped us through the process of obtaining the MEIF funding and we would like to extend our thanks to him for his guidance.”

David Price, Fund Manager, at The FSE Group, which manages the MEIF Debt Finance Fund adds:

“Working with Harry and Robert was great. Their business is innovative and provides valuable products to the health sector. We were pleased to be able to support a long-standing manufacturing business, helping it to unlock further growth potential. We look forward to seeing the business expand and further strengthen its team and product range.”

Grant Peggie, Director at the British Business Bank, said:

 This is another example of how MEIF funding is being used to support a growing business and the creation of new skilled jobs. The MEIF works with its Fund Managers across the Midlands, providing important funding to help businesses looking to scale up and grow and we’d encourage other small businesses in the Midlands to consider the finance options available through the Fund.”

Vicky Hlomuka, SEMLEP’s Growth Hub Manager, said:

“This is a significant investment that will enable expansion and job growth for Bright Instruments. It is good to see businesses with heritage in our area looking at investment as a way to grow. The Midlands Engine Investment Fund is a great option for businesses in the South East Midlands.”

The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.