A FIRE safety equipment firm has committed its future to Somerset after signing a new lease - with plans to invest £4.5 million at the site.

Earlier this year, Tyco Fire Production Products signed a new five-year lease for premises on the Marston Trading Estate in Frome, having been at the site for two decades.

It plans to invest around £4.5 million in developing the site over the next few years.

Meanwhile, industrial asset manager, Chancerygate, has sold the 37,715 sq ft unit for £3.46m.

It acquired by financial services provider Wesleyan Assurance Society.

Tyco employs more than 60 staff at the trading estate.

George Jerram, Chancerygate asset manager, said: “After a successful five-year hold period, and having secured a new lease for a tenant that has been committed to the local area for more than 20 years, it was the right time to sell the investment.

“We are active throughout the South West with current developments in Bristol and Cheltenham.

"The region is full of opportunity and we are actively looking for additional development and asset management to continue our growth in the area.”