Peacocks secures investment from Stratasys
A long-established family firm in the North East is set to make a global splash after securing American investment to develop a cutting edge medical product.
Peacocks is a long established family firm in Newcastle and dates back to 1903, is known for its medical equipment and supplies business. A branch of the company Podfo Ltd (http://www.podfo.com) has received praise for its forward thinking custom foot insoles.
Newcastle’s Peacocks Medical Group, which dates back to 1903, has received substantial investment from Stratasys, one of the world’s leading 3D printing companies, which is based in Minneapolis.
Podfo Ltd, Peacocks’ revolutionary custom foot insoles business, has received the considerable investment. The extra finance will allow the company to utilise 3D printing technology to print insoles that assist people with mobility issues.
Market worth $3bn
Partnering with Stratasys will help Peacocks take aim at a global market believed to be worth more than $3bn. Not forgetting improving the quality of life of many people with serious medical conditions.
Last year there was substantial growth in the company. The number of staff increased from 23 to a staggering 170. They also managed to add an extra £1 Million to the company turnover. Increasing sales to £9.5 Million.
The company’s new direction has been praised by North East LEP chair Andrew Hodgson and North East England Chamber of Commerce chief executive James Ramsbotham, who highlighted the importance of new technologies to the future of the North East economy.
Mr Hodgson said: “In the North East’s Strategic Economic Plan, key growth areas relate to digital technology and healthcare innovation. Peacocks have embedded these within the business and their strong growth trajectory is testament to this and deserves to be celebrated. We hope this success will encourage other regional companies to follow suit.”
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