Sheffield tool firm snaps up giant new factory
A fast-growing Sheffield cutting tools company has snapped up multi-million pound new premises to bring operations under one roof.
Technicut has bought a large, newly-refurbished warehouse on Shepcote Business Park in Tinsley with plans to streamline current operations spread over two sites in Attercliffe.
It plans to create a Technology Centre to focus on research and development and build a gym and canteen for workers. The site on Europa Drive also has room for expansion.
Technicut claims to be the UK’s largest cutting tool manufacturer. With a focus on aerospace, customers include the new Boeing Sheffield factory.
David Fothergill, Technicut managing director, said: “We are delighted with our purchase at Shepcote Business Park, which offers excellent transport links both around the city, and also onto the M1.
“The move allows us the opportunity to streamline our current operations, while also planning for future expansion.”
It is understood the firm aims to be in its new headquarters in 2021.
Founded in 1987, it employs more than 150. Turnover is up - from £17.6m in 2016 to £22.2m in 2017 and £23.8m in the year to April 2018.
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Profit after tax is also climbing, from £1.73m in 2017 to £2.16m in 2017 to £2.4m last year.
The firm’s heritage is carbide tooling, but today it is a global supplier of ‘optimised steel, carbide and diamond tooling derivatives’.
A Technicut director, Adrian Allen OBE, was a founder of the Advanced Manufacturing Research Centre, part of the University of Sheffield. He worked with Prof Keith Ridgway to forge new links between Boeing and the University of Sheffield, culminating in the launch of the AMRC in 2001.
Technicut is a Tier One member of the AMRC . It is also a ‘Made in Sheffield’ licence holder .
The building was sold by an institutional investor.
Toby Vernon, of agents CPP, said: “Technicut saw the potential in this high-quality premises and invested by buying it outright.”