International growth fuels Ridgway Machines move
Expansion plans at Leicester engineering company Ridgway Machines are set to continue following the purchase of new 30,000 sq ft premises in Meridian Business Park.
The business will move from its existing premises at Anstey to a modern industrial facility at the park following a deal secured by property agency Innes England.
Ridgway Machines, which supplies machinery for original equipment manufacturer and the oil and gas industries, undertook the move after a period of "strong" demand from international customers.
The company has been benefiting from growing demand for power stations and renewable energy in countries such as China and Brazil, Innes England said.
Ridgway, which employs 30 staff, is aiming to increase sales by 50 per cent this year after increasing orders.
"The move to new premises will help us to service our clients more efficiently and help us to expand the business through an increase in exports, which already make up 80 per cent of our turnover, and the expansion of our high-class engineering team," managing director Stephen Hunt said.
Innes England acted on behalf of its client POS Direct in the deal. The commercial property consultancy was able to negotiate an early surrender of a lease at the premises in Centurion Way and negotiate a new lease with the landlord, Trustees for Roman Catholic Purposes Registered.
Stanton Mortimer acted on behalf of the trustees.
Peter Doleman, director at Innes England's Leicester office, added: "I am pleased with the outcome we have achieved for all parties. Since the beginning of the year we have seen an increase in demand for larger units of this size which is very encouraging and reflects well on the current state of the industrial market."