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Investment to fuel expansion strategy
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29/09/2008
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EMS provider AWS Group has secured a £5.5million equity investment from Barclays Ventures alongside a banking package from Yorkshire Bank. As part of the deal, John Weston – ex ceo of British Aerospace –will join the company’s board as non executive chairman.
According to the management team, plan are in place to more than double the company’s turnover to more than £80m within the next three years through a combination of organic growth and further acquisitions. The deal will give the group access to finance for this growth.
Paul Deehan, AWS Group chief executive, said: “AWS has set out on a strategy which bucks the trend towards overseas manufacturing of the consumer electronics industry in the UK by focusing on low volume, highly technical products. Barclays Ventures understood management’s vision to grow this business both organically and by acquisition and have delivered a suitable investment package to facilitate this.”
Rupert Lyle, Regional Director, Barclays Ventures, said: “AWS is a leading UK based electronic manufacturing solutions business and this deal provides the basis to pursue the substantial opportunities for organic and acquisitive growth. Due to its work in high value segments of the electronics market, AWS is well placed to expand.”
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Author
Graham Pitcher
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