Derby based composite manufacturing firm Pentaxia has relocated into new premises to facilitate development plans and expand the company. A finance package including a loan from the Derby Enterprise Growth Fund (DEGF) has enabled the growth which has delivered 16 new full time equivalent posts.
The team behind Pentaxia believes in continuous investment in the plant and its highly skilled workforce. With a customer base across the aerospace, automotive, motorsport and defence industries, the company recognised an opportunity for growth through attracting new aerospace clients. Already outgrowing the previous premises, the management began to look for an alternative site where they could realise expansion plans. The former Rolls Royce purpose built composite facility on Alfreton Rd provided the ideal location. A funding package was completed by a loan from the DEGF managed by Derby City Council.
Now firmly established in the new premises, Pentaxia is delighted to celebrate ten years as a market leader in the composites manufacturing industry. The new premises delivers more capacity than required by current expansion plans, so the company is looking to the future and even more exciting developments.
Managing Director Stephen Ollier tells us,
“We are delighted with the support that we have received from the Derby Enterprise Growth Fund. We used the funding to supplement our own money to complete a really comprehensive upgrade of the facilities to meet the demands of our customers. We have invested in the latest equipment and technology and we believe we now have one of the best composite facilities in the country, our customers seem to think so. The advanced composite market is due to grow rapidly over the coming years and we are now ideally placed to meet that growth. That means more highly skilled jobs for Derby and Pentaxia making a real contribution to the local economy, which is exactly what the DEGF sets out to achieve!”
Derby City Council Cabinet Member for Regeneration Councillor Matthew Holmes commented:
“The DEGF funding scheme managed by Derby City Council is actually one of the most successful of its type in the country. To see it used to create more job opportunities to benefit the local economy is really great news.We wish Pentaxia every success with their plans for development and are delighted to have been able to assist and support them in moving forward as a business based here in Derby.”
DEGF is now entering a new phase with the distribution of £12 million of recycled loan funding. Applications are invited from businesses with plans for growth and job creation in Derby and Derbyshire. Further funding is being sought to enable this fantastic scheme to be extended to more businesses in Derbyshire in the near future.