Charles Day a cut above with 1.5m investment

Sheffield-based laser and flame cutting specialist Charles Day (Steels) Ltd has invested 1.5m in two high-powered laser cutting machines after securing funding through HSBC's Assisted Asset Purchase Scheme.

The scheme is designed to support small to medium-sized enterprises (SMEs) to grow their business and is supported by the Government's Regional Growth Fund (RGF).

The company, which was formed in 1976, secured a six-figure equipment finance funding from HSBC's South Yorkshire Commercial team, in addition to funding from the RGF.

HSBC international commercial manager Lee Bloodworth led the deal on behalf of the bank.

The company has created four new jobs as a result of the investment, as well as safeguarding a number of existing positions. Charles Day now employs 50 people, with more new jobs set to follow.

Charles Day operates from a site which boasts hundreds of years of steel history and only minutes from the birthplace of stainless steel, which is celebrating 100 years in 2013 since its discovery by Harry Brearley.

Chairman Jonathan Day said: "These new machines opens up the business to new markets and enables us to cut yellow metal such as copper and brass by laser, which we haven't previously been able to do.

"They are also very efficient machines to operate and are cheaper to run than conventional lasers. The machines are fed by an automatic material handling system feeding two lasers, giving us lights out operation, thus reduced costs for our customers."

Mick Knowles, HSBC South Yorkshire area commercial director, added: "Steel is synonymous with Sheffield, and Charles Day (Steels) Ltd has forged a fantastic reputation in this area."

"The company is continuing to invest and innovate despite the current economic environment, which is testimony to its belief in the strength of the business. We are pleased to have been able to support this investment and look forward to working with the company going forward."

Established in 1981 by Earl Anderson, Jackrabbit has pioneered and improved a number of harvesting machines that are now standard in the nut farming industry. Its machines are used in almond, walnut and pecan harvesting, while Dakota's self-propelled pruning towers and laser cutting and forming services expand its reach into crop industries, including cherries and avocados.

"I strongly believe, based on my interactions with Gladstone, Pegasus and Bob DeMont throughout this process, that they will be great stewards of Jackrabbit and Dakota going forward," says Mr. Anderson.

The acquisition also includes Jackrabbit's wholly-owned metal cutting and forming, and pruning tower-manufacturing division, Dakota AG Welding.

"Gladstone Investment is pleased to partner with both Pegasus and the talented management team at Jackrabbit and Dakota," says Chris Daniel, managing director at Gladstone Investment. "We look forward to building on Jackrabbit's brand and long-standing success by continuing to grow the business."

Patrick Whelan, managing partner at Pegasus, says the acquisition marks "a new chapter of innovation and growth in the dynamic nut and agricultural markets we serve."