Derby-based Gardner Aerospace, a major supplier of aircraft components, has agreed a £90 million funding package with NatWest to support its acquisition of precision parts specialist Northern Aerospace and to provide further capital for continued growth and expansion.

Gardner (www.gardner-aerospace.com) has a number of manufacturing sites in the UK (Derby, Basildon, Broughton, Hull and Pershore), as well as an increasing global footprint that includes Poland, France, India and China.

The acquisition of Northern Aerospace adds 600 employees and six more UK and Poland locations to its portfolio.

CFO Tony Upton said: “The UK aerospace sector has significant opportunities to grow in line with expected production rate rises, but also huge potential for supplementary growth from newer markets such as China.

“It is clear that the OEMs are looking at their supply chains for both existing/legacy production and also localised production in new geographies; in this regard, Gardner is well positioned to deliver best-in-class manufacturing.

"The acquisition of Northern Aerospace is a very good fit for the group, while the new funding will enable us to stay at the forefront in terms of our product and service offerings.”

Andrew Garvey, industrials and aerospace director at NatWest, said: “Gardner’s impressive growth trajectory shows that a UK manufacturer can compete and thrive in the global aerospace market and NatWest is pleased to back its expansion plans.”