Silcoms is a niche supplier of complex aero-engine ring components and assemblies including seals, shrouds, segments and casings. Products are manufactured from high nickel content ‘super alloys’ and other materials such as titanium, stainless steel and aluminium.
This new contract is to supply parts for two new Rolls-Royce engine programmes and will provide an additional £3.5 million Revenue for, at least, the next four years.
The £500m Northern Powerhouse Growth Fund was established to inject investment into businesses across the north of England and is intended for SMEs across the Northern Powerhouse region, including: established businesses with ambitious growth plans, start-ups with high growth potential, companies with early-stage equity funding and businesses focusing on innovation, R&D and technology.
John Cottam, finance director at Silcoms said: “The company has been growing organically since it started out in 1939. We look forward to working with the Barclays team as we continue our growth journey and take the business to the next level of our trading ambitions.”
Steve Berry, Barclays Relationship director put together the funding package for the deal and said: “At Barclays we’re delighted to be able to help businesses grow and expand and the Northern Powerhouse fund is the perfect vehicle for businesses that are looking for new opportunities and require flexible funding options. We have been able to support Silcoms with facilities that have enabled the purchase of a new asset that will manufacture the next generation of parts and will see the company increase turnover by 20% and secure the long-term future and growth of this business.”
