Cardpoint founder Mark Mills set to take aerospace engineering company public
Burnley-based Velocity Composites will float on AIM this Thursday with a market capitalisation of £30.4m and aim to raise £14.4m
Mark Mills, named a Young Gun in 2003 as founder of ATM machine company Cardpoint, has announced plans to take Burnley-based Velocity Composites public on the Alternative Investment Market (AIM) this week.
Founded by Jon Bridges, Chris Banks and Gerard Johnson in 2007, Velocity develops advanced composite products for the aerospace industry. It employs 100 people across its Burnley headquarters and Fareham site.
Mills joined the firm in 2015 and was made non-executive chairman last year. He will look to raise £14.4m when Velocity begins trading on AIM this Thursday, with a market capitalisation of £30.4m.
The Young Gun currently runs the Mark Mills Partnership, which provides companies with advice on growth strategies and efficiency improvements.
Mills previously took Cardpoint public and oversaw its growth to £98.2m in turnover before stepping away from the company in 2006.
Mills said: “Velocity is a great business. Its model is predicated on helping manufacturers to save time and material costs, and therefore money, while also allowing them to concentrate on their core business to help increase production rates.
“Having helped to identify growth opportunities for Velocity, the team recognises the need to open additional facilities around the world over the next five to ten years.
“Realising that funding would be required, the suggestion of a flotation accords in this instance with customers and suppliers who appreciate that a market listing offers transparency, access to capital, long-term sustainability and even greater corporate governance.”