The Daventry, Northamptonshire-based company, which produces labels predominantly for the food, drink and horticulture sectors, bought the £700,000 press with the support of Yorkshire Bank.

Director Ollie Monk said the £5.3m-turnover company, which was founded in 1987, needed a high-quality press to handle work for the beverage and screen-printing markets.

He said: "We wanted a press that would cater for the short-run market and this one definitely adds another string to our bow."

The current investment by Multi Labels is in addition to £1m spent on kit within the past 18 months, also with the help of Yorkshire Bank.

Monk declined to comment on details of the support from the bank, but said the 37-staff company was profitable and aimed to grow to a turnover of £10m within the next five years.

"We are looking to grow organically, rather than through acquisition, though who knows how it will come about," he said.  

Multi Labels director Debbie Hockey added: "This is a hugely exciting time for the company and we have great hopes for the future expansion of the business because, over the next five years, we are expecting to double in size."