Walker Precision Engineering secures second BGF investment
A fast-growing Scottish engineering firm is set for further expansion after securing £2.75m from an investment fund.
Glasgow-based Walker Precision Engineering will use the cash from the Business Growth Fund (BGF) to grow its business in the UK and Europe.
Walker specialises in making high-precision components for the aerospace, defence and industrial sectors.
BGF originally invested £4m in the manufacturing business in January.
Since then, Walker's turnover and order intake have grown significantly, with revenues reaching £19.1m in the latest financial year.
Founded in 1979, the family-run company employs more than 260 staff across premises in Glasgow, Essex and Poland.
Walker said BGF's funding had already helped the firm invest in specialist equipment at its Glasgow headquarters, and double the size of its Polish manufacturing facility.
Managing director Mark Walker said: "This investment will give the company the working capital we need to support our strategic growth plans."
BGF provides growth capital to small and mid-sized firms in the UK and Ireland in exchange for a minority, non-controlling stake.
It was launched in 2011 by the government and the British Bankers' Association.