Prodrive Composites has secured a £6 million growth capital investment from the Business Growth Fund.
The Milton-Keynes based company, has seen significant growth in the past two years after securing new contracts in the automotive and aerospace sectors.
The company currently employs around 200 people and are on course to reach over £15 million in sales by the end of this financial year. In the past 18 months the business has achieved significant capacity improvements, reducing the cycle time from raw material to finished parts from an average of six to eight weeks down to two weeks.
Dominic Cartwright, Prodrive Composites managing director, said:
This is an exciting time in the composites industry and for Prodrive Composites. Demand is growing and we are well placed to service this. As a junior partner in the business, the business growth fund brings both investment and an external perspective and we are very much looking forward to being able to call on their support as we continue to grow.
As part of the investment, John Weston joins the company as non-executive chairman. Weston has spent 32 years in the aerospace and defence industry, concluding as CEO of BAE Systems. He now works to support a number of small companies in the high technology and manufacturing fields including as Chairman of Torotrak and FibreCore.