A division of an East Midlands engineering company has undergone a management buyout (MBO) and is primed for rapid growth with support from
WeDo Business Finance. The composites division of Neos Solutions, based in Derby, has been acquired by a team with over 100 years’ combined experience in the sector, led by director Matty Lloyd.
Following the MBO, the newly-acquired business has been relaunched as UK Composites and is operating from the same purpose-built 50,000ft
2 engineering and manufacturing facility as before at Westside Park.
UK Composites designs and manufactures carbon fibre and composite parts for a global client base, including niche automotive and motorsport companies such as Aston Martin F1, Lotus, Norton Motorcyles and Overfinch, as well as businesses in the aerospace, rail, defence, healthcare, home furnishings and space sectors.
WeDo Business Finance has provided a finance package to support UK Composites’ expansion plans, as well as HR, IT and marketing services. Mr Lloyd said UK Composites plans to recruit at least 30 staff over the coming months, including roles for CAD designers, metrologists and engineering staff, and is looking to create at least three apprenticeships in each department.
The business is on course to post revenues of £1.5 million for this financial year and aims to reach £15 million within two years. He said: “We are set up for significant growth, with a vision to be the preferred partner for carbon fibre and composites engineering, manufacturing and supply across numerous sectors. We have ambitious plans to further invest in the latest technology and machinery and, most importantly, people. We are really passionate about nurturing young talent coming into the industry.
“UK Composites is driven by excellence and is rooted in British engineering detail, with a commitment to innovation, customisation, quality and consistency. We use cutting-edge technology to create lightweight, high-strength components which are trusted by leading brands with the highest standards.
“Historically, Britain was always at the forefront of engineering but, over the past 10 to 15 years, we’ve seen that slip somewhat. Our vision is to be part of a resurgence, balancing a quality-driven, heritage-informed approach with the utilisation of the latest technology and an innovative spirit.”
Mr Lloyd said Derby is the ideal location, as UK Composites integrates into a well-established regional engineering network. “Our specialist composite engineering and manufacturing hub also has excellent transport links – we are close to the motorway network, East Midlands Airport, and even a racetrack for testing.”
“The support we have received from WeDo has been instrumental in helping us to realise our vision. It’s enabled us to hit the ground running and look ahead to an incredibly exciting future as a growing business.”
WeDo, which operates nationwide from its headquarters in Oldham and a network of offices, is a provider of senior secured working capital facilities through invoice, asset and trade finance to SMEs in sectors from engineering and manufacturing to recruitment, logistics and wholesale distribution.
Its overall lending currently exceeds £50m and the group aims to reach £100m within the next three years. Alongside finance, the group suppports SMEs on their growth journeys with add-on services spanning outsourced accountancy, IT and back-office functions.
Chris Crank, managing director of WeDo’s invoice finance division, said: “Matty has owned UK Composites for a number of years and until now it has been primarily a licensing business, supplying materials and consumables for the automotive sector. As a result, he has lots of existing relationships and experience. Having acquired the Neos facility in Derby, UK Composites is now focusing on taking a significant step into manufacturing.
“The financial support and additional services we have provided will help the team to deliver their plans. They have a clear vision and vast expertise, and we are excited to be a partner with them on their journey.”