A YORKSHIRE-based manufacturing firm has secured an investment which will help it to build links with Jaguar Land Rover.
VTL Group, a manufacturer of precision engineered components for the automotive industry, has received a further £1.5m investment from growth capital provider BGF, alongside loan funding from HSBC.
BGF has now invested a total of £5.5m in the business, following an initial investment in September 2013.
The funding will be used for a capital investment programme, before the start of an eight year project to supply engine components through Ryobi UK to Jaguar Land Rover for use in its new engine platform.
This is the first Jaguar engine designed and built in-house since the late 1990s. From its manufacturing sites in Huddersfield, VTL will start to supply components to JLR’s new £350m factory in Wolverhampton in the second half of 2016. VTL is one of the UK’s largest precision contract manufacturing businesses within the areas of turbo and transmission components.
Bruno Jouan, the chief executive of VTL, which has around 400 staff, said: “The cam carrier project is a significant win for the business, and for British engineering. We’re delighted to be working with Jaguar Land Rover on what is an incredibly exciting project.”
Andy Gregory, regional Head of the north at BGF, said: “BGF has now backed 23 manufacturing firms in the past three years, including VTL Group. These companies are critical to the UK economy and our global competitiveness, and their success depends on having the right infrastructure in place to help them implement their growth ambitions. BGF is committed to providing long-term, patient support to our investee companies.”