Penny Hydraulics — a family-owned manufacturer of lifting equipment — officially opened a new £2 million manufacturing facility in Clowne, Derbyshire, earlier this month (www.pennyhydraulics.com).

Sir David Walker, a former chairman of Barclays Bank, opened the new plant following the completion of an 18-month construction project.

The company was founded in 1978 by John Penny (a mining engineer). It initially offered repairs of hydraulic garage equipment and mining equipment before diversifying into new markets — primarily lifting equipment, including cranes and lifts for commercial vehicles, goods lifts, lighting winches, tyre-handling equipment, and mechanical-handling equipment for the nuclear industry.

It currently employs 90 people and operates globally, through a network of distributor partners.

After two consecutive years of record sales growth, Penny Hydraulics recently celebrated a turnover exceeding £8 million.

Various large contracts have helped to boost its sales, along with the introduction of a 1,000kg-capacity goods lift.

A new range of hydraulic vehicle-mounted cranes has also played its part. The business is currently run by second-generation family members and a board of directors.