Aerospace firm funded for take-off
AN AEROSPACE composite product manufacturer has received a £500,000 investment, which it says will drive turnover to £10m in the next three years.
Alderley Park-based AVS-SYS has recently launched carbon composite material components for international aircraft manufacturers, expanding on the Cheshire company’s experience in systems design, engineering and integration.
The company, which employs 20 staff and has a turnover of £2.1m, says the funding will accelerate its growth plans, pushing turnover above £10m and staff numbers to more than 50 within three years.
Industrial funding and growth boutique The UK Manufacturing Accelerator provided the funding for an undisclosed stake.
Malcolm Evans, chief executive of Manchester-based The UK Manufacturing Accelerator, said: “This is exactly the kind of high potential growth story we enjoy backing. Appetite remains strong for supporting ambitious companies with winning IP and global competitiveness.”
Paul Heaton, AVS-SYS managing director, said: “The UK Manufacturing Accelerator has been a pleasure to work with and its backing and support has enabled us to move our plans forward much more rapidly as we address the global aerospace market.”
