A Derby-based advanced composites manufacturing company is expanding its order books in the fast growing civil aviation and automotive markets thanks to support from the Derby Enterprise Growth Fund.
Pentaxia in Ascot Business Park has secured a £168,000 grant from the £20 million DEGF towards its £673,000 expansion and investment programme.
The DEGF support has helped accelerate plans to purchase new high-tech manufacturing machinery and increase production space at the company’s premises. The increased capacity resulting from the investment will lead to the creation of 12 new jobs across the board from graduates to apprentices.
DEGF is supported by the Government’s Regional Growth Fund and run by Derby City Council. DEGF aims to support the growth and job creation at businesses in Derby and the surrounding area through a mix of loans and grants.
Pentaxia Managing Director Stephen Ollier explained: “The DEGF grant approval has coincided with our AS9100 approval. This enables us to manufacture components for the aerospace industry which presents substantial opportunities for us.
“The demand for advanced composites in both the aerospace and automotive manufacturing industries are particularly buoyant. There is increased recognition of the applications for these materials to make components on aircraft and in cars which are lighter, stronger and more efficient than traditional metals.
“Derby City Council has taken a positive and imaginative approach to supporting businesses such as ourselves through the Derby Enterprise Growth Fund. They recognise that this area is a centre of excellence for advanced composites and that this industry is creating skilled job opportunities for local people.”
Pentaxia was recently recognised by SEMTA, the engineering sector skills council, who awarded the company the 2014 skills award in recognition of its commitment to job creation and skills development.
Derby City Council Leader Cllr Paul Bayliss chairs the DEGF panel of industry and financial experts who consider applications.
He said: “Research shows that the advanced composites market is set to treble over the next five years and we are committed to supporting businesses in Derby and the travel to work area in their expansion plans.
“Increased production capacity will mean more local jobs for local people which is welcome news for the area.”
Applications continue to be welcomed by Derby City Council. To find out more visit: www.derby.gov.uk/degf. Alternatively call 01332 641628 or email email@example.com