Street Crane Company praised by UK Chancellor of the Exchequer

Visiting the company in March, he praised their record on research and development, investment in new products and advanced production processes, export and employment growth.

The £3m factory was officially opened by Andrew Bingham, MP for High Peak in Derbyshire and Martin Street, chairman of the business, during a glittering ceremony late last year, which was attended by figures from the material handling sector across the globe.

According to Street Crane, the company expects to increase wire rope hoist production from 2500 hoists to 3200 hoists per year. It also anticipates that a second shift will be needed by 2016 to double production, bringing further employment in the process.

Speaking about his visit, Osborne said: "I was delighted to visit Street Crane along with Andrew Bingham and meet the team. This is a fantastic company at the heart of the Peak District and a success story for exporting British products.

"The method behind its success is investment in product development and a 'can do' attitude. Street Crane has gone from strength to strength in tandem with our economy over the last few years, something we should all be proud of."

Street Crane managing director Andrew Pimblett added: "Street is a family business that focuses on long term business development so profits are ploughed back into the business.

"This has enabled us to develop a wider product offering for UK customers, but, more significantly, invest in products for the international crane market so that our hoists and crane kits are now available in every developed industrial market via a high quality global network of distributors."