A management buyout has been completed at a division of an East Midlands engineering company.
The composites division of Neos Solutions has been acquired by a team with over 100 years’ combined experience in the sector, led by director Matty Lloyd.
Following the MBO, the newly-acquired business has been relaunched as UK Composites and is operating from the same purpose-built 50,000 sq ft engineering and manufacturing facility at Westside Park, Derby.
UK Composites designs and manufactures carbon fibre and composite parts for a global client base, including niche automotive and motorsport companies such as Aston Martin F1, Lotus, Norton Motorcyles and Overfinch, and businesses in the aerospace, rail, defence, healthcare, home furnishings and space sectors.
Matty has more than 25 years’ experience in composites and the management team includes production manager Sam Ryde, senior composites engineer Darren Ashford, lead project engineer Ben Dale, quality manager Aaron Church and lead designer Vinoth Periyasamy, alongside finance and accounts administrator Alexandra Girla.
WeDo Business Finance has provided a finance package to support UK Composites’ expansion plans, as well as HR, IT and marketing services.
Matty said UK Composites plans to recruit at least 30 staff over the coming months, including roles for CAD designers, metrologists and engineering staff, and is looking to create at least three apprenticeships in each department.
The business is on course to post revenues of £1.5m for this financial year and aims to reach £15m within two years.
Matty said: “We’re set up for significant growth, with a vision to be the preferred partner for carbon fibre and composites engineering, manufacturing and supply across numerous sectors.
“We have ambitious plans to further invest in the latest technology and machinery and, most importantly, people. We are really passionate about nurturing young talent coming into the industry.
“Historically, Britain was always at the forefront of engineering but, over the past 10 to 15 years, we’ve seen that slip somewhat. Our vision is to be part of a resurgence, balancing a quality-driven, heritage-informed approach with the utilisation of the latest technology and an innovative spirit.”
Matty said Derby is the ideal location, as UK Composites integrates into a well-established regional engineering network.
Chris Crank, managing director of WeDo’s invoice finance division, said: “Matty has owned UK Composites for a number of years and until now it has been primarily a licensing business, supplying materials and consumables for the automotive sector. As a result, he has lots of existing relationships and experience.
“Having acquired the Neos facility in Derby, UK Composites is now focusing on taking a significant step into manufacturing. The financial support and additional services we have provided will help the team to deliver their plans. They have a clear vision and vast expertise, and we are excited to be a partner with them on their journey.”
