The pump company expects the funding - potentially up to £3.8 million - to be used to expand its existing manufacturing and R&D facilities in Luton, and to set up a global ‘Centre of Excellence’ also in Luton for designing mission critical motor and pump technology for the civil nuclear and oil and gas markets.
Hayward Tyler CEO Ewan Lloyd-Baker said: “This is a significant development for the company as it will allow us to ‘future-proof’ the Group’s main manufacturing facility which in turn will enable us to continue growing our core markets and fully participate in the anticipated growth of the UK civil nuclear market. Further, the terms of the grant will not necessitate us to seek additional funding from investors.”
The funding offer is expected to be formally accepted in July.
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