Yorkshire materials technology firm secure £1.2m investment
Finance Yorkshire Equity Team Investment Director Andrew Burton (left) with Peratech Chief Financial and Operations Officer Doug Balderston
Yorkshire technology business, Peratech, will use a £1.2m investment to expand its North Yorkshire operations with new laboratories.
The investment from Finance Yorkshire’s Equity Linked Fund, headed by Investment Director Andrew Burton, will also be used to secure new contracts for the firm who specialise in Quantum Tunnelling Composite technology.
These materials are used in switching and sensing systems, in robotics, defence and telecommunications.
Finance Yorkshire’s £1.2m mezzanine deal has a small equity-linked exit bonus which suited the company’s current requirements and future expectations.
Chief Financial and Operations Officer Doug Balderston said: “We’re in a strong position in that we don’t need the money now as we’re capable of organic growth through the customers and contracts we currently have.
“At the moment, we don’t have any competitors, but that’s not to say we won’t have in the future.
The Quantum Tunnelling Composite technology was invested by David Lussey, chief techncal officer at Peratech.
Doug continued: “David’s experiment to find a conductive adhesive went wrong and resulted in the creation of QTC™ Material - and that is now the basis for a Yorkshire company that has generated millions of pounds worth of sales around the world.
“However, we have a desire to grow further and attract more contracts and to do that we need to expand our operations and invest in resources, staff and research and development.
Finance Yorkshire Investment Director Ash Chopra added: “The funding provided by Finance Yorkshire demonstrates the breadth of our offering.
“Peratech is a profitable, established business and has an excellent management team. As such a mezzanine funding option was appropriate for the business rather than a straight equity deal.”
This was posted in Bdaily's Members' News section by Tom Keighley .
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular Yorkshire & The Humber morning email for free.