£3.5m Local Growth Fund programme maps out future boost for engineering firm
Engineering firm Sylatech has received significant grant funding worth £450k from Let’s Grow North & East Yorkshire.
Kirkbymoorside-based Sylatech is hoping this capital investment will boost its growth. Let’s Grow is a £3.5m programme funded by York, North Yorkshire and East Riding LEP.
Sylatech’s grant is said to be the largest investment in this funding round for a single company.
Charlie Breese, Sylatech’s managing director, said: “We are two years into an ambitious five-year growth plan and are well on track to develop our core business by a minimum of £1m per annum, which secures further long-term job opportunities in Ryedale.”
Sylatech has recently achieved a profitable revenue growth of around 27 per cent, following an increase of 21 per cent last year.
Throughout 2018, Sylatech invested over £500k in capital and it plans to double such figure throughout this year.
Sylatech is currently in the advanced stages of agreeing a land acquisition adjacent to its current site in Kirkbymoorside, on which Sylatech plans to develop a sizeable 40,000 sq ft facility.
Looking to promote your product or service? Bdaily Marketing can help you reach a regional business audience. Request our latest Media Pack →