New facility update

RNS Number : 2533R

Surgical Innovations Group PLC

24 October 2013

 



Surgical Innovations Group plc

("SI" or the "Group")

New facility update

Surgical Innovations Group plc (AIM: SUN), the designer and manufacturer of creative solutions for minimally invasive surgery ('MIS'), announces that it has confirmed the location for the development of its new facility.

SI has confirmed that the new facility will be developed at the prestigious Thorpe Park business park, situated on the Eastern side of Leeds. The planned 58,000 sq ft facility will incorporate a 12,000 sq ft clinical training centre, enhancing SI's global brand presence by providing UK and international surgeons with the opportunity to develop best clinical practice and use and critique SI's latest medical device technologies. The new site is expected to bring operational efficiencies and the new building will be planned specifically to optimise SI's research, development and production capabilities.

Scarborough Development Group, the site developers, will be working with SI on detailed site plans with contracts expected to be signed in January 2014. The development of the site is due to be finished in time for SI to relocate in the summer of 2015.

As announced previously, the total cost of the building project will be funded through the recently announced Regional Growth Fund grant of £5.05m and the remainder by a commercial mortgage.

Graham Bowland, Chief Executive Officer for Surgical Innovations, said: "We are thrilled to announce the decision for the new facility location at Thorpe Park. The state of the art facility is consistent with our planned growth strategy. I am confident that SI and the Scarborough Development Group will create one of the premier facilities in the UK, providing an international hub that links the latest surgical innovations with the development of clinical excellence within existing and emerging areas of minimal invasive surgery."

Enquiries:

Surgical Innovations Group plc	Tel: [phone]
Graham Bowland, Chief Executive Officer	[e-mail]
Mike Thornton, Chief Financial Officer	[e-mail]
Panmure Gordon (Nominated Advisor & Broker)	www.panmure.com
Fred Walsh/ Freddy Crossley (Corporate Finance)	Tel: [phone]
Adam Pollock (Corporate Broking)
Walbrook PR Ltd	Tel: [phone] or [e-mail]
Paul McManus	Mob: [phone]
Lianne Cawthorne	Mob: [phone]

Notes to Editors:

About Surgical Innovations Group plc - www.sigroupplc.com 

Surgical Innovations Group plc specialises in the design and manufacture of creative solutions for minimally invasive surgery (MIS) and industrial markets. 

As well as manufacturing single-use and reusable instruments for the laparoscopic market, the Group has pioneered its flagship Resposable® instrumentation combining both single use and reusable components, ensuring ongoing revenue streams and delivering the optimum procedure performance to cost ratio.

Over 100 people are employed at the Group's 32,000 square feet facility in Leeds, with in-house design, plastic injection moulding and manufacturing equipment, producing products to the highest quality standards.

The Group's patented products are sold through three main channels:

SI brand	Through an established network of distribution partners, Surgical Innovations branded products are sold in major medical markets including North America, Britain, South East Asia, Australasia and the Indian subcontinent.
OEM and IP	The Group supplies large medical device companies on an OEM basis, generating both sales and IP royalty fees.  Clients include Teleflex Medical, Olympus and CareFusion.
Industrial	SI's patented segment technology has been applied to the industrial market enabling customers to undertake inspection and maintenance of large-scale equipment, in situ with minimum disassembly and downtime.

 

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