Six-figure funding to drive F1 manufacturer forward

A Leamington Spa start-up that manufactures components for Formula One has secured a £150,000 loan to boost growth.
MV Composites has increased staff numbers from three to 17 over the past two years and has seen a ten-fold rise in turnover. The company has recently tripled its floorspace with a move to larger 5,000 sq ft premises.
Funds from the Midlands Engine Investment Fund II, through appointed fund manager Frontier Development Capital (FDC), will enable the firm to complete the fit-out and create five more jobs in the coming weeks.
Founded in 2021, it is led by Will Waterman and Mat Lainsbury who each have over 15 years’ experience in Formula One and who met while working at Red Bull Racing. MV Composites manufactures high-performance carbon fibre components for several F1 teams and other motorsport customers.
Will Waterman, founder and director said: “Through our work in the industry, we noticed that many composites manufacturers were not geared up to cope with the demands of F1 teams. MV Composites was set up to address this and has the ability to manufacture high-quality precision parts and carry out inspections within a very tight turnaround time.
“We have scaled up quickly to meet demand and have invested in larger premises, additional equipment and staff and have also just started a night shift. This finance will enable us to make the most of the new unit, and provide more working capital so we can continue to grow the team and take on new contracts.”
Raj Minhas of FDC added: “MV Composites is building a reputation in F1 circles for quality, precision and just-in-time supply and has the opportunity to become a major player in the industry. Will and Mat have put the right infrastructure in place to build the business but needed the financial resources to support their growth. The funding will ensure they can continue to meet their customers’ needs and maintain the momentum.”
David Tindall, senior investment manager at the British Business Bank said: “Since its launch earlier this year, the Midlands Engine Investment Fund II has invested over £17 million in businesses across the Midlands. This latest investment in MV Composites further demonstrates the fund’s commitment to supporting companies that are not only looking to grow but also leading innovation in their industries, bridging critical gaps in the market.”