Brake maker secures seven-figure financial backing to fund growth

X

Sign up for free to receive the latest news straight to your inbox

Register

Knowsley-based manufacturer Surface Transforms has finalized a drawdown on a seven-figure loan through the Liverpool City Region Flexible Growth Fund.

Located in the Image business park, Surface Transforms specializes in the development and manufacture of carbon ceramic materials and is the only UK manufacturer of carbon ceramic brake discs, which they currently supply to cars and airplanes. high performance.

The funding will be used to install additional production facilities and further increase capacity to meet the continued growth in demand for its products.

The workforce has already grown to around 80, with more than 30 new hires in 2021, and more hires are planned to complement the expansion.

The £ 20million Flexible Growth Fund was established in January 2020, when the Mayor of Metro launched a £ 75million Business Growth Package, the largest set of business support funds in years. decades.

The fund’s aim is to help launch investments in the Liverpool City area in projects that create jobs and invigorate the economy.

David Bundred, President of Surface Transforms, said: “Over the years we have received the full support of a variety of partners in the Liverpool City area and, having previously secured financial support through AFM / MSIF , we were thrilled when our contact in the Knowsley Council Business Growth team suggested asking them for this loan support. ”

Steve Rotheram, Mayor of the City of Liverpool region, said: ‘When I launched my £ 75million business growth program in 2019, it was to empower ambitious local businesses like Surface Transforms, grow and attract new, innovative and expanding businesses to our city area.

“I didn’t want us to rest on our laurels – at the time, we were the fastest growing region in the country – but to keep pushing to do better.

“This desire to continue to do better is what drives successful companies like Surface Transforms, and supporting their expansion, along with the creation of high-quality local jobs, is exactly what the Flexible Growth Fund was designed to do. Eventually this loan will be repaid and we will be able to put the money back to work, creating jobs and opportunities for the local population, supporting ambitious local businesses.

The Flexible Growth Fund is managed on behalf of the LCR Combined Authority by Alliance Fund Managers. Jeff Cummins, Investment Manager, said: “It’s great to be able to support a business in such a positive way, given the challenges many businesses have had to overcome over the past 18 months and we can’t wait to see Surface. Transforms grows with its increased production capacity.

“We hope that more LCR-based businesses looking to expand to create new jobs locally consider pushing forward their plans to take advantage of the capital expense super-deduction announced in Budget 2021, and if they do, support through this fund is available.


Source link

Comments are closed.