A LISBURN-based aerospace firm is to more than double staff numbers after securing £500,000 from a new investment fund.
Causeway Aero Group has become the first company in the north to receive money from the £30m Growth Finance Fund. The cash injection will support working capital and is set to directly lead to the creation of 17 new jobs.
Causeway Aero, which specialises in stress analysis and design, particularly of aircraft structures and systems, currently employs 14 staff and recently secured a major contract to build aircraft seats for English company, Pitch Aircraft Seating Systems.
Michael Rice, managing director of Causeway Aero Group said the latest investment will allow for the continued growth of the business.
"The loan will assist us to fund working capital requirements to fulfil recent production contract wins with Pitch Aircraft Seating Systems and a major train manufacturer. We’re aiming to create 17 jobs in a range of roles from office to shop floor staff," he said.
The four-year Growth Finance Fund is supported by the British Business Bank, Invest Northern Ireland and private investors, Northern Ireland Local Government Officers’ Superannuation Committee (NILGOSC). The fund, aimed exclusively at growing small businesses in the north, is managed by WhiteRock Capital Partners and supports loans from £500,000 up to £2m.
Rhona Barbour, investment director at WhiteRock Capital Partners added:
“Causeway Aero Group has demonstrated an innovative approach to streamlining the service delivery system in the aerospace industry. The business has a clear strategy for future growth and we’re delighted to have been able to provide the necessary funding to support that."
Founded in 2016 by five local aerospace companies, Causeway Aero Group is an aircraft interiors manufacturer and provides a range of technical solutions, along with management, procurement and sub contract services.
The business moved to a new 20,000 sq ft headquarters in Lisburn earlier this year, representing a seven figure investment.
