14 Apr 2014 07:00
14 April 2014
Hayward Tyler Group plc
("Hayward Tyler", the "Company" or "the Group")
Regional Growth Fund Award
The Directors of Hayward Tyler (AIM:HAYT), the specialist engineering group, are pleased to announce that the Company has been named as one of the 50 conditional recipients of the Government's £300 million Regional Growth Fund Round 5 announced by the Deputy Prime Minister Nick Clegg on 10 April 2014.
The Company will provide a fuller update as and when the offer has been formally accepted, which it anticipates to be in July, and expects the funding - potentially up to £3.8 million - to be used to expand its existing manufacturing and R&D facilities in Luton, as well as create a global 'Centre of Excellence' in Luton for designing mission critical motor and pump technology for the civil nuclear and oil & gas markets.
Ewan Lloyd-Baker, CEO of Hayward Tyler, commented:
"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."
A full copy of the Government announcement can be viewed at https://www.gov.uk/government/news/regional-growth-fund-round-5-funding-announced-by-nick-clegg
Enquiries:
Hayward Tyler Group plc Ewan Lloyd-Baker, Chief Executive Officer Nicholas Flanagan, Chief Financial Officer |
Tel: +44 (0)1582 731144 |
FinnCap Limited - NOMAD & Broker Matt Goode - Corporate Finance Ben Thompson - Corporate Finance Tony Quirke - Corporate Broking |
Tel: +44 (0)20 7220 0500
|
Akur Limited - Corporate Finance Adviser David Shapton Tom Frost |
Tel: +44 (0)20 7493 6548 |
GTH Communications Limited Toby Hall Suzanne Johnson Walsh |
Tel: +44 (0) 20 7822 7493
|