Insider Media Limited

Manufacturer Altek Europe has purchased a new site in Chesterfield after securing a £500,000 loan from NatWest.

The company, which was awarded a Queens Award for Enterprise earlier this year, manufactures products which reduce energy consumption and minimise waste.

Altek previously operated out of rented premises in Castle Donington. It said the move would provide opportunity for further growth and move some of the company's previously out-sourced work in-house, by providing more capacity for production work.

NatWest provided Altek with a loan of £500,000 to support the purchase of the new Chesterfield site.

The bank also provided further funds to allow the company to develop the property.

Alan Peel, managing director of Altek Europe, said: "The new premises provide us with the space we need to grow the business further and take advantage of the opportunities our global customer base is currently providing. Our hope is that this move will enable us to create more employment opportunities as the year progresses."

Andy Upton, senior relationship manager of commercial banking at NatWest, added: "Altek Europe is a success story. The recognition of their export led sales strategy provides a valuable endorsement of their business model. The new premises represent the next chapter in their history, creating the infrastructure to increase their output and create additional demand for their products."