Six-figure investment for North Yorkshire engineering firm
An engineering business based in Kirkbymoorside has secured a £450,000 investment to accelerate its growth and plans to move into a 40,000 sq ft facility.
Sylatech has received the significant grant funding investment from Let’s Grow North East & East Yorkshire. The grant will assist with the capital investment required to achieve its accelerated growth.
The firm is in the advanced stages of agreeing a land acquisition adjacent to its current site in Kirkbymoorside, on which Sylatech plans to develop a sizeable 40,000 sq. ft. facility. Sylatech said that strong levels of customer demand have necessitated an immediate need for extra space and an interim development is
already underway which delivers a further 450sq m facility. This will house new CNC machines and robotic machining cells due for installation in June 2019.
Closing out its financial year end last month, Sylatech achieved a profitable revenue growth of some 27% and this follows an increase of 21% last year.
Throughout 2018, Sylatech invested over £500,000 in capital and it plans to double this figure throughout 2019.
Charlie Breese, Sylatech’s Managing Director said: “We are two years into an ambitious 5-year growth plan and are well on track to develop our core business by a minimum of £1m per annum, which secures further long-term job opportunities in Ryedale.
“Our strategic partnerships with global brands including Saab, Thales and Cobham, makes Sylatech well placed to meet its growth ambitions.”
Let’s Grow is an LGF programme funded by York, North Yorkshire and East Riding LEP and Sylatech’s grant is the largest investment that the current fund has made in a single company, thus demonstrating the strength of its ongoing business success.
