VTL Group has received a further £1.5m investment from BGF, alongside loan funding from HSBC. BGF has now committed a total of £5.5m in the business, following an initial investment in September 2013.
The funding will be used for a capital investment programme ahead of commencing an eight year project to supply engine components through Ryobi UK to Jaguar Land Rover (JLR) for use in its new engine platform. This is the first Jaguar engine designed and built in-house since the late 1990s. From its manufacturing sites in Huddersfield, VTL will commence supply of components to JLR’s new £350m factory in Wolverhampton in the second half of 2016.
VTL is one of the UK’s largest precision contract manufacturing businesses within its specific niche areas of turbo and transmission components. The core end users of commercial vehicles and passenger cars are growth markets and VTL is well positioned to capitalise on this with its technical expertise and world-class facilities. Existing customers include Cummins, Toyota, Renault, Nissan, Delphi, Ryobi, JLR and Schaeffler.