Machining company AE Aerospace has secured a £400,000 loan to help safeguard its 65 employees – and create 10 new jobs.
The Birmingham company wants to use the funding to increase its workforce over the next two to three years, and develop new solutions for the UK and export markets.
AE Aerospace provides engineered solutions and manufacturing within the aerospace, marine, civil and defence industries.
The business manufactures low to medium volume components for prototype through to current aircraft, including both spares and legacy parts. Its components are used on platforms primarily for civil aerospace projects including Airbus A220, A320 and A350 as well as some defence platforms.
Peter Bruch, managing director at AE Aerospace said: “Covid-19 has had an impact on many UK businesses during the last year.
“This funding will enable us to maintain our current workforce, putting the company in a strong position to fulfil its growth plans and create 10 new full-time jobs in the coming years.”
AE Aerospace secured the finance from the Midlands Engine Investment Fund (MEIF) – provided by The FSE Group, Debt Finance Fund and backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
Kerry Haughton, investment manager at The FSE Group, which manages the MEIF Debt Finance Fund said: “AE Aerospace has a strong management team offering a broad range of engineering solutions and strong customer relationships.
“The manufacturing industry is a key growth sector for the West Midlands area and the future job creation will have a positive impact on the local economy, further strengthening the future of the business.”
Tim Pile, chair of Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP) added: “To support the local and national recovery from Covid-19, it’s vital that businesses like AE Aerospace receive funding to safeguard as well as create jobs and apprenticeship opportunities for local people.
“Taking into consideration the impact of Covid-19 on the aerospace industry, it’s encouraging to see this business wants to grow and strengthen this sector in our region. This type of investment combined with our targeted interventions is helping to deliver inclusive economic growth.”