Aerospace firm to accelerate growth with £1.5m funding

Burnley-based Velocity Composites is set to expand its operations in the UK and US after securing £1,5m investment.

The finance has been provided by Seneca Partners, an existing shareholder in the AIM-listed business through its £50m EIS Fund.

This latest funding has been provided through a combination of its Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) funds under management.

Velocity Composites manufactures advanced carbon fibre and ancillary material kits for use in the aerospace and associated industries.

The company uses its process knowledge, business processes and proprietary software to reduce the amount of material required by its customers and also reduce the associated material waste when making aircraft parts.

The funds will enable the company to accelerate its growth in the UK and overseas following the opening of its plant in Alabama, US, to add to its sites in Burnley and Fareham in the UK.

Andy Beaden, chairman of Velocity Composites, said: “We are delighted Seneca have backed us again as we continue to grow. Their industry knowledge and reputation as a leading growth capital investor has excited us about having them on board for the next leg of our journey.”

Siobhan Pycroft of Seneca said: “This investment into Velocity Composites is an exciting and exceptional opportunity for our investors to back market-leading aerospace industry experts here in the North West who have developed a global brand and rapidly growing business across the UK, US and Europe."