The Sheffield-based company, which makes flexible extruded magnets and supplies sectors including retail, automotive and engineering industries, will begin its fourth decade in business with the acquisition of a new building next to its current manufacturing base at Bankside Works in Darnall.
The additional 7,000 sq ft of space will be used by the manufacturer to house extrusion manufacture and cutting equipment. It will also allow an extra 1,400 sq ft of mezzanine space for stock storage.
Warren Turner, managing director at Anchor Magnets, said: “Following the investment in new plant capacity and systems, the next stage of our investment plan is to underpin our growth with the expansion of our site.
“We are the only UK company to provide a bespoke engineering facility for magnet manufacture and when the opportunity to expand our facilities with a unit next door to our current site presented itself we leapt at the chance. Our main priority was to streamline the operations to improve operational efficiencies.”
Anchor Magnets has been at Bankside Works in Darnall for nearly all of its 30 years in business.
It posted a record turnover of £3.1m for the first half of 2014, up 10 per cent on 2013.