Aerospace group expansion plans

Posted on 16 Jun 2017 and read 763 times
Aerospace group expansion plansBurnley-based Velocity Composites (www.velocity-composites.com), which floated on the London Stock Exchange last month with a £30 million valuation, is looking to establish a series of manufacturing hubs in Europe.

The aerospace firm was founded a decade ago and makes advanced carbon fibre and ancillary material kits for use in the production of aircraft. It joined AIM on 18 May, raising more than £14 million.

The directors believe Velocity’s manufacturing business model is replicable and therefore plan to identify potential aerospace customers in Europe where satellite hubs can be established.

If the opportunity presents a “compelling investment case and significant cost savings for the customer”, Velocity will establish manufacturing facilities nearby.

Non-executive chairman Mark Mills said: “The replicable nature of Velocity’s hubs gives the company significant potential for expansion — both domestically and abroad — relatively quickly.

“Tactically, the company is seeking additional approvals to do so and facilitate growth in new territories.” He said the company expects to spend up to £1.5 million on each facility.

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