A Hyde-based engineering firm set up more than 100 years ago is to invest up to £500,000 in new machinery such as CNC lathes and two new laser-cutting machines in a bid to boost sales by more than 20 per cent to a target of £5m by 2010.

The company, Coleherne, is investing in two new provides laser-cutting services and manufactures a range of bespoke components from materials including carbon, stainless steels and high-grade duplex alloys, for clients in various sectors such as rail, agriculture and retail.

Managing director Peter Fahey said that he expects to boost employee numbers at the family-owned firm, which currently employs around 50 people at its 25,500 sq ft site at Lodge Street in the Newton area of the town.

“When I joined the business in the 1980s, laser cutting was used exclusively by the motor industry. The benefits of it over alternative production methods were immediately apparent to me and I decided to put in place plans to revolutionise the way the company operated,” said Fahey. “Laser cutting now accounts for around 50 per cent of our sales and this latest investment will provide a solid platform to help us grow further.”

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