Appointment of Mark Mills as Non-Executive Chairman
Velocity Composites, a Burnley based, award-winning supplier of composite material and consumables to the aerospace industry, is pleased to announce the appointment of Mark Mills as Non-Executive Chairman to the Board with immediate effect.
Mark brings over 25 years of City and commercial experience to the Company. Mark was Founder and Chief Executive of Cardpoint Plc, where he launched one of the first UK independent cash machine deployers. From 1999 to 2006 Mark floated the business on AIM and grew it both organically and through acquisition to become one of the largest cash machine deployers in the world with revenues of £98 million and profit for the year ending September 2006 of £19.8 million.
Over the last five years Mark has been Non-Executive Chairman of six private companies, enabling three of them to achieve successful sales to other companies or attract significant investment. These roles have included being Non-Executive Chairman at Tactical Solutions UK Limited which was sold to St Ives plc in 2011, Non-Executive Chairman at Garside and Laycock Group sold to Spie Matthew Hall in July 2012 and Mini Cam Enterprises Limited which undertook an MBO in 2015 by Lloyds Development Capital and where Mark remains Chairman.
Velocity Composites is a manufacturer of composite products (carbon fibre) and consumables for the aerospace industry, delivering engineered material kits to build components on site. The Company works with leading aerospace giants, including Safran Aircelle, BAE Systems, Kaman Composites, GKN, GE and Bombardier. The Airbus A330, A350, A380, Eurofighter Typhoon, F35 Joint Strike Fighter, Bell Boeing V22 Osprey and Bombardier C-Series aircraft all use parts manufactured using Velocity’s kits. The company’s business model reduces the operating costs of preparing carbon fibre ahead of its usage in the construction of an aircraft part.
Velocity Composites also exports to Denmark, Canada, France, Belgium and the USA. The Company employs 76 staff at its main site in Burnley, achieved turnover of £14.5 million to 31st October 2015 and seeks to open further factories in UK, Europe and US to replicate its business model.
Jon Bridges, Chief Executive Officer of Velocity Composites commented: “We are delighted to welcome Mark to Velocity Composites. His wide ranging and extensive commercial expertise, coupled with his outstanding track record of growing businesses means that that he will add considerable value as the Company enters its next phase of growth through customer acquisitions. His experience of the City will also be invaluable as we look to consider our options for funding our further growth.”
Mark Mills, Non-Executive Chairman of Velocity Composites said “I am pleased to be joining Velocity Composites as Non-Executive Chairman at an exciting time for the Company. During my career I have been successful at identifying and developing innovative business ideas and I look forward to helping build on Velocity’s fantastic foundations and assisting to grow the business further.”