Aerospace parts manufacturer to raise £15m in flotation

Velocity Composites' warehouse
A Burnley headquartered aerospace products manufacturer has said it expects to raise £14.4m when it floats on the AIM market later this week. Velocity Composites, which has a turnover of around £15m, operates from a 26,000 sq ft facility at AMS Technology Park in Burnley, as well as having a base at Fareham in Hampshire. The placing comprises 12,270,739 new and 4,705,885 existing ordinary shares at 85p each to raise gross proceeds of £14.4m, giving it a market capitalisation of £30.4m. The company, which employs 97 staff,... For the full story register now for free or login below...