Specialist laser-cutting, computerised machining and folding firm Lincoln Precision Engineering has become the first company to take space at Discovery Park in North Hykeham, investing around £2.5 million in the move and new equipment.
The relocation to the park on Whisby Road is expected to pave the way for a number of new jobs, joining the firm’s 25 employees.
Some £1.5 million is being spent on the move to purpose-built premises on the new business park, where it will also install new laser and folding equipment.
The company, which has been going for 30 years, and which supplies a diverse range of industy sectors nationwide, is currently based at the Lindum Business Park, but will be making the switch to Discovery Park in early 2018.
Lindum Group revealed it has sold LPE Ltd land at the seven acre park – which could uiltimately attract up to 200 jobs to the district – and has designed the company’s bespoke premises, ahead of starting work on site this week.
Commercial agent for Discovery Park Banks Long & Co said the land holds great promise for further jobs for the local economy and it congratulated LPE Ltd on being the first to snap-up space at the site.
And North Kesteven District Council has welcomed news that local firm LPE Ltd is the first company to be moving into Discovery Park.
LPE Managing Director Trevor Wherrell said: “During our time at the Lindum Business Park, we have grown into a company with a turnover of nearly £2.5 million. Our plans for further growth and the opportunities offered by the diverse sectors we deal with, has encouraged us to invest in our own premises.
“Our new building will provide us with a purpose-built factory and offices, in a fast-expanding area. It will give us the extra capacity we need and will raise our profile with existing and potential new customers.”
Lindum Group Development Surveyor Dean Bower said: “The 16,200 sq ft office and production facility being created for LPE Ltd will take 1.2 acres of the seven acre site, allowing us still to be able to offer other businesses bespoke premises solutions here, on competitive freehold or leasehold terms.
“When complete, Discovery Park is expected to attract significant investment of over £10m for the local economy, securing upwards of 100 jobs, which has tremendous benefits for the local area and community.”
Councillor Richard Wright, Leader of North Kesteven District Council, said: “It is great to see a local company being the first to move to Discovery Park, reinforcing the North Hykeham and LN6 area’s reputation as a great place to do business.
“As a Council we have invested in the area ourselves to support start-up and growing businesses and have an active partnership to promote LN6 and open further its potential for inward investment, expansion and growth.”