Prodrive Composites secures £6m for motorsport engineering
Milton Keynes-based company will use Business Growth Fund investment to achieve revenues of £15m
UK motorsport engineering firm Prodrive Composites has received £6m investment from the Business Growth Fund (BGF) to “accelerate growth”.
Prodrive works with the automotive, aerospace and marine sectors to produce lightweight composite components and structures such as interior trims and bodywork.
It has expanded its client base to premium and sports car manufacturers and aerospace customers and now employs over 200 people at its manufacturing plant in Milton-Keynes with turnover set to hit £15m for year-end 2015.
John Weston, formerly CEO of BAE Systems, will join Prodrive Composites as non-executive director as part of the deal.
Prodrive Composites managing director, Dominic Cartwright, commented: “This is an exciting time in the composites industry and for Prodrive Composites. Demand is growing and we are well placed to service this.
“As a partner in the business, BGF brings both investment and an external perspective and we are very much looking forward to being able to call on their support as we continue to grow.”
Ian Downing, investor at the BGF, continued:
“The demand for carbon fibre composites is on a clear upwards trajectory and Prodrive Composites has the legacy, ambition and customer base to really capitalise on that.”