A major investment deal has been secured by Calne based electronics company Exception, which this time last year was forced to axe a quarter of its work force.

The refinancing package will ensure the expansion of new facilities and reduces the debt on the company’s balance sheet by £12.7m.

The deal was led by chef executive Craig Wright with senior management and was financed by Lloyds Banking Group.

Managing director Richard Brighton said: “This is really good news for us, and it means we can continue to grow as a company.

“Three businesses – Exception EMS, Exception VAR and Exception PCB – were created when an American company decided to pull out of the UK, but we were saddled with around £20m of debt.

“This was affecting us when we were dealing with new customers or trying to buy new equipment for the company.”

Last May it was revealed that Exception EMS, based in Harris Road on the Porte Marsh Industrial Estate, was making 50 of its 200 Calne staff redundant.

Now, management is aiming to increase turnover from a low point of £45m last year to £70m over the next two to three years.

“It is going to be an exciting time for us,” said Mr Brighton. “Especially now that this shackle of debt has gone. We have recruited close to 20 people this year so there are more new faces in the company.

“We cannot turn around and say that we can guarantee new jobs, but we can guarantee improved services for our customers.”

The company, which employs 350 people in Calne and Tewkesbury, Gloucestershire, recently signed several contracts worth over £5m a year for its offshore, UK contract manufacturing and printed circuit board operations.