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Investments in electronics
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30/09/2008
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AWS Electronics Group, one of the UK’s leading providers of specialist electronic manufacturing services, has secured a £5.5 million equity investment from Barclays Ventures alongside a banking package from Yorkshire Bank.
Barclays has also introduced John Weston, formerly CEO of British Aerospace, who will join the board as non executive chairman.
The management team plans to more than double its current turnover of approximately £40 million to over £80 million 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.
AWS, which employs over 400 people in the UK and Slovakia, provides outsourced electronic manufacturing services for industries including medical, defence, aerospace and transport.
Chief executive Paul Deehan 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.”
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Author
Ken Hurst
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