Artemis Optical expands with Lloyds Bank investment

Article by Stephen Farrell and originally published in Insider Media 12 Apr 2017.

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Plymouth-based manufacturer Artemis Optical has grown its workforce and purchased new equipment thanks to a funding package of more than £1m from Lloyds Bank Commercial Banking.

The company provides specialised optical thin film coatings for lenses and mirrors to manufacturers in defence, security, medical and aerospace industries.

It has achieved a growth rate of 40 per cent in the past year, with turnover up to about 33m, and recently secured a ten-year contract with BAE Systems.

A £800,000 working capital and £210,000 asset-based lending facility from Lloyds Bank enabled Artemis to unlock money tied up in existing assets and supported an investment of £1m in new specialised coating equipment to meet the increased demand for its services.

Expansion has also supported the creation of several new jobs, adding to the 31-strong workforce.

Nick Hurst, chief executive at Artemis Optical, said: "We've seen considerable growth over the past year and an increased demand for our products and services. The funding from Lloyds Bank has enabled us to invest in new equipment and meet this demand.

"We currently trade in the US, France, Turkey, Israel, Australia and Italy as well as to the UK. We have plans to further expand our international client base over the next few years and the funding will provide us with the means to do this."

Andrew Blanchard, relationship manager at Lloyds Bank Commercial Banking, added: "Our latest research shows that businesses are looking to overseas markets with a quarter of firms anticipating stronger export sales in the next six months.

"The new equipment and financial support gives Artemis Optical the opportunity to further increase its export sales and client base worldwide."