The British Business Bank has confirmed that work is progressing with the UK government and key aerospace companies including Airbus, GKN Aerospace, Rolls-Royce and the trade body ADS Group, towards a proposed £100m aerospace supply chain fund to support UK suppliers and strengthen manufacturing capability across the sector.
The proposed fund will help strengthen the aerospace supply chain by giving high potential UK suppliers the capital they need to scale, invest and compete while preparing for future aircraft programmes. By improving access to structured capital, the debt fund will help strengthen the UK aerospace supply chain, support increased output and position UK firms to compete for future opportunities.
The government and the British Business Bank are continuing to work with the aerospace industry to develop the fund structure, high-level investment criteria and delivery route. Further detail will be provided once the proposition is sufficiently developed.
The proposal supports the government’s Industrial Strategy and the Aerospace Growth Partnership’s ambition to strengthen the UK aerospace supply chain. By backing this fast-growing priority sector, the Bank is making its capital available to help innovative UK companies secure the scale-up capital they need to grow, expand and win future work.
Louis Taylor, CEO, British Business Bank said: “The continued success of the UK’s aerospace sector depends on the capacity, resilience and competitiveness of the supply chain that sits behind it.
“This fund will help strengthen the aerospace supply chain by giving high potential UK suppliers the capital they need to scale, invest and compete for future aircraft work.”
“By bringing together public and private sector investment, we can support a strategically important sector, back high-value manufacturing jobs and help more UK businesses play a larger role in global aerospace supply chains.”
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