UK Composites set for growth after MBO

A Derby-based engineering business is preparing for rapid growth following a management buyout.

UK Composites, previously part of Neos Solutions, has been acquired by a management team led by director Matty Lloyd and supported by WeDo Business Finance.

Operating from its existing 50,000sq ft facility at Westside Park, in Derby, the company designs and manufactures carbon fibre and composite components for a global client base, including Aston Martin F1, Lotus, Norton Motorcycles and Overfinch, as well as aerospace, rail, defence, healthcare, home furnishings and space sectors.

The new management team, bringing over 100 years of combined experience, is led by Matty and 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.

They plan to recruit at least 30 new staff in CAD, metrology and engineering roles, alongside creating apprenticeships across departments.

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. 

Supported by Oldham-headquartered WeDo Business Finance, UK Composites is implementing expansion plans with additional HR, IT and marketing support. 

The company expects revenues of £1.5 million this year and is aiming to reach £15 million within two years.

Matty added: “The support we’ve received from WeDo has been instrumental in helping us to realise our vision. 

“It’s enabled us to hit the ground running and look ahead to an incredibly exciting future as a growing business.”

Chris Crank, managing director of WeDo’s invoice finance division, added: “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.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →