A KIRKBYMOORSIDE engineering firm has received a grant of £450,000 to fund its growth plans.

Sylatech has been given the grant by Let’s Grow North East & East Yorkshire, which is a local growth fund programme funded by the York, North Yorkshire and East Riding local enterprise partnership (LEP).

The LEP attracts both public and private sector investment in order to help the area’s businesses start up and grow.

Sylatech’s grant is the largest investment that the current fund has made in a single company.

The grant will assist with the capital investment required to achieve its accelerated growth.

Closing out its financial year end last month, Sylatech achieved a profitable revenue growth of some 27 per cent - this follows an increase of 21 per cent last year. Throughout 2018 the company invested more than £500,000 in capital and said it plans to double this figure throughout 2019.

Charlie Breese, Sylatech’s managing director, said: “We are two years into an ambitious five-year growth plan and are well on track to develop our core business by a minimum of £1 million per annum, which secures further long-term job opportunities in Ryedale.

“Our strategic partnerships with global brands, including Saab, Thales and Cobham, makes Sylatech well placed to meet its growth ambitions.”

Customer demand levels have necessitated an immediate need for extra space and an interim development is already underway which delivers a larger facility. This will house new machines and robotic machining cells due for installation in June 2019.

Sylatech is also in the advanced stages of agreeing a land acquisition adjacent to its current site in Kirkbymoorside, on which it plans to develop a sizeable 40,000 sq ft facility.