Grant funding for young businesses opens for applications
Young businesses and social enterprises in the Highlands and Islands looking to increase productivity, innovation and employment can apply for funding from HIE.
L&M Engineering has secured a grant of £58,914 from Highlands and Islands Enterprise (HIE) for the development, which is set to boost business turnover by £1.2m and create two jobs over the next three years.
The company is diversifying its operations to cater for additional aquaculture markets. At the same time, it aims to expand the range of services provided to its existing customers.
Currently employing around 30 people at its Lerwick base, the firm has been capitalising on opportunities within the local aquaculture market by introducing innovative services.
The L&M Engineering team has identified prospects for innovation and product development in the aquaculture sector. To facilitate this expansion into new markets, the company has invested in cutting-edge equipment, including CNC machinery, specialist design software and laser alignment tooling.
The machinery will enable local manufacture of products currently imported from Europe and beyond, reducing the carbon footprint. It consumes 60% less energy when idling and 45% less energy during operation when compared to more traditional machinery.
Katrina Wiseman, area manager in HIE’s Shetland area team, said:
“The aquaculture industry plays a crucial role in the Shetland economy. L&M has demonstrated excellence in providing essential services to support its growth. Our investment in this expansion project aligns with the company’s vision to meet the evolving needs of the aquaculture sector, ensuring sustainability, efficiency, and overall industry advancement. It also contributes to the region’s net zero transition by cutting carbon and energy costs.”
Steven Laurenson, director at L&M Engineering said that the new technical capabilities will provide enhanced services to their valued customers. He said:
“As a company, we place great importance on continued investment in our people, products and services. We are grateful to HIE for their assistance in delivering this project as we build on and increase our service offering.”
Ends.
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