A division of Neos Solutions, a prominent East Midlands engineering company, has undergone a management buyout and is poised for substantial growth with support from WeDo Business Finance. The composites division has been acquired by a team boasting over a century of collective industry experience, spearheaded by Director Matty Lloyd.
Following the management buyout, the business has been rebranded as UK Composites and continues operations from its original 50,000 square foot facility at Westside Park, Derby. UK Composites specialises in designing and manufacturing carbon fibre and composite components for a diverse global clientele, including prestigious automotive and motorsport brands such as Aston Martin F1 and Lotus. The company also serves sectors spanning aerospace, rail, defence, healthcare, home furnishings, and space.
The management team, led by Lloyd, includes experienced professionals such as Sam Ryde, Darren Ashford, Ben Dale, Aaron Church, Vinoth Periyasamy, and Alexandra Girla. WeDo Business Finance has equipped UK Composites with a financial package to fuel its expansion plans, alongside providing HR, IT, and marketing services. Lloyd revealed plans to recruit at least 30 new staff, including CAD designers, metrologists, and engineering personnel, and to establish three apprenticeships per department. The business targets a revenue increase from £1.5 million to £15 million within two years.
Lloyd stated: “We’re set up for significant growth, aiming to become the preferred partner in carbon fibre and composites engineering.” UK Composites is committed to investing in advanced technology and nurturing new talent, aligning with its heritage of engineering excellence and innovation.
The strategic location in Derby facilitates integration with a robust regional engineering network, offering excellent transport links and proximity to testing facilities. The support from WeDo has been pivotal in realising UK Composites’ vision and accelerating its growth trajectory.
WeDo, headquartered in Oldham, provides senior secured working capital facilities to SMEs across various sectors, with current lending exceeding £50 million and aspirations to double this within three years. Chris Crank, Managing Director of WeDo’s invoice finance division, commended UK Composites’ transition from a licensing entity to a manufacturing powerhouse, supported by WeDo’s financial and ancillary services. This partnership aims to foster substantial growth and expertise in the composites industry.
