A Sheffield company that is one of the UK’s leading suppliers of metrology equipment has secured a £200,000 loan from NPIF – Mercia Debt Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund, to help it open a new demonstration centre.
Digital Micrometers (DML) supplies precision measuring equipment used in industries such as medical, aerospace, construction and manufacturing to ensure that products are made to the right size and specifications.
The company, which has tripled its turnover in the past two years, has just moved to larger 5,000 sq ft premises in Sheffield to accommodate its growth. The funding will enable it to increase its stock levels and create a new demonstration centre within the building that will be the largest of its type in Yorkshire.
Digital Micrometers was founded in 2009 by engineer Allen Bentley, the current finance director. His son Alex took over as managing director two years ago and is now spearheading its growth plans. The company, which currently employs six staff, supplies equipment from leading brands such as Mitutoyo, Bowers, TESA and Sylvac and sells through its online shop and its sales team. It plans to create three new jobs in the year ahead.
Alex Bentley said: “Metrology plays a key role in industry and demand is increasing rapidly, as more companies choose to manufacture in the UK or invest in new technologies and metrology equipment. The funding will support our long-term growth plans by enabling us to carry more stock to meet demand, and showcase larger and more complex items of equipment.”
Andy Tyas of Mercia Debt added: “Digital Micrometers has built a thriving online business that is going from strength to strength, however customers buying costly items still like to see a demonstration. The new demo centre will enable the company to sell more expensive equipment and give Yorkshire companies the chance to see the latest metrology systems from all the leading brands.”
Keira Shepperson, Investment Director, British Business Bank, said: “Digital Micrometers has tripled its turnover in the last two years, providing an excellent example as to how NPIF invests in ambitious businesses. The opening of its demonstration centre in Sheffield will attract a multitude of industry professionals, looking to purchase equipment to service commercial needs across the UK. We’re proud to have invested in a business that boosts the Yorkshire economy from its core.”
The current NPIF investment phase has now completed with the British Business Bank launching the Northern Powerhouse Investment Fund II in March 2024.
The Northern Powerhouse 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.