TES, which manages a portfolio of aircraft engines for clients, was granted a £5.4m expansion capital package, supported by international financiers.
The money will be used to purchase five Rolls Royce aircraft engines. The engines will be selectively repaired, leased and dismantled to support the international airline industry. Clients of TES include Airbus and easyJet.
The milestone investment adds to the £35m Finance Wales has already ploughed into Welsh businesses in the last three years.
The organisation, set up by the Welsh Assembly Government, aims to invest £100m in businesses by 2008.
Andrew Davies, minister for enterprise, innovation and networks, said: “TES’s successful development over the past decade makes it an exemplar for the aerospace maintenance, repair and overhaul of the Welsh economy.
“It’s the kind of ambitious, growth-minded company that we want to see flourishing in Wales – and I’m delighted that Finance Wales has delivered support for the further development of an outstanding business.”
Bob James, joint MD of TES, which he co-founded in 1995, said: “Historically the engine parts division of the TES Group has sourced parts from the open market.
“This investment has provided the opportunity for us to purchase whole engines which we can selectively lease out and dismantle to piece parts in order to support our customer programs.”
© Crimson Business Ltd 2006
