RTL Materials Ltd (RTL) is targeting international expansion after agreeing terms on a £550,000 funding package from the Emerging Technology Unit at Clydesdale and Yorkshire Bank.
The company has developed a unique composite technology, the Bi–stable Rolled Composite (BRC) which provides a disruptive materials capability across a broad range of mechanical structural applications which is in use across a variety of sectors including defence, aerospace, energy, and civil engineering.
RTL currently employs 30 staff at its factory in Lymington, Hampshire. Over the next four years, the firm aims to expand further into export markets and has plans to significantly increase employee numbers and grow turnover by over 50% per annum.
Dr D. Price, chairman of RTL, said: “We are most grateful for the support from Clydesdale Bank.
"Over the next few years, the funding provided by the Emerging Technology Unit will be used to expand our sales activity, enhance our product range, improve our manufacturing capability and meet the working capital requirements of our planned international growth, particularly in the USA.”
The deal is among the first from Clydesdale Bank and Yorkshire Banks’ Emerging Technology Unit – a team created at the end of last year to support high growth technology businesses to access finance.
Richard Thwaites, director of the Emerging Technology Unit at Clydesdale and Yorkshire Bank, added: “The aim of the Unit is to provide support for entrepreneurial companies with innovative technology and strong intellectual property which has the potential to make its mark on the global marketplace.
“RTL’s Rolatube technology is already widely used by major organisations across a variety of sectors and the management team clearly sees major potential for further growth in overseas markets.”
Our BQ Bulletin emails will land in your inbox at 7.30am, Monday to Friday, with a mix of the latest local business news, national news, and features to inspire you. Sign up here!
Click here to read our privacy statement