An East Midlands manufacturer is creating 30 new jobs with the support of a new business partner.
Atlas Composite Technologies, which is based in Ilkeston, Derbyshire, makes parts for sectors including aerospace, defence, medical, elite motorsport as well as supercar and hypercar manufacturing.
It has just struck a deal for a seven-figure investment from Greater Manchester-based WeDo Business Investments, which has taken a minority stake in the business.
The backing will enable Atlas to invest in new plant and equipment, premises and the additional staff as it gears up for its next phase of expansion at home and overseas.
Atlas was acquired in 2017 by brothers Lloyd and Jason Pearson and employs almost 120 staff. Management say it is on track for record turnover of £9.3 million this year, an increase of 25 per cent from 2021.
WeDo directors Mark Lindsay and Chris Robinson were approached about a potential investment after working with Atlas for more than two years.
Mr Lindsay said: “Our relationship with Atlas has been built on a simple model of delivering solutions in a transparent and value-added way, which helped the company through the tough Covid period to ensure it got more than it expected from a funding partner.
“We have developed an intimate understanding of the Atlas business, and our commitment is very timely as the business stands on the cusp of its next phase of growth.
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“Atlas produces components of unrivalled quality and complexity and has just retained its AS9100 aerospace industry accreditation.
“There is significant interest for large-scale projects and orders, and we are looking forward to seeing Atlas continue to go from strength to strength with this latest investment.
“Since my early days in banking I’ve loved working with companies which make things.
“Atlas manufactures amazing world-class products so to be part of its journey and support 海角视频 manufacturing is extremely exciting.”
Atlas managing director Lloyd Pearson said: “This welcome investment is a major milestone for the company and will enable us to build on our success to date and take Atlas to the next level.
“It was refreshing to listen to Mark and Chris and understand how receptive they were to investing in Atlas to support our plans.
“Our order book is the strongest it’s ever been, and it’s great to have the experience of Mark, Chris and the WeDo team on board to further develop the business.
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“We’re in excellent shape for the coming years, with a robust cash position enhanced by this latest investment, and we’re hugely excited and focused on delivering the opportunities that lie ahead in our existing markets, diversifying into new areas and investing for the future in plant, equipment, premises and staff.”
In addition to its Oldham headquarters, the WeDo group has offices at MediaCity海角视频 in Salford, Sheffield, Swindon and Colchester.
It was founded by Mark Lindsay and Chris Robinson in 2019 with just four staff, and has grown rapidly through organic expansion and acquisitions, and now employs more than 100 people
It provides services to SMEs from finance to HR, back office, digital, IT and payroll support with a focus on start-ups and growing businesses.