A female-led industrial textiles manufacturer is embarking on further growth after receiving a six figure-funding boost from the British Business Bank’s South West Investment Fund via appointed fund manager FW Capital.
Since its inception in 2018, Needles and Pins Aerospace has specialised in high precision needlework for applications such as the linings of Chinook helicopters. The company was established by Chief Executive Carole Champion and is a market leader in the manufacture of bespoke protective covers, acoustic insulation, and interior fabric solutions for both military and civilian aircraft.
Today Needles and Pins Aerospace is a proud family business with Carole’s son Dillon Harmon working alongside her as Chief Operating Officer. With over 50 years of combined expertise, the firm is a trusted supplier to leading aerospace and defence organisations to deliver durable, custom-made products that meet the highest performance and compliance standards.
Earlier this year, Needles and Pins Aerospace announced the expansion of its production facility at Somerton. Following this, the business was seeking working capital to support its accelerated growth strategy that includes the creation of four new jobs and the ability to take on further new contract wins with Boeing Defence UK and other customers.
The investment that has been provided from the South West Investment Fund via FW Capital is helping to support this activity.
Carole Champion, Chief Executive of Needles and Pins Aerospace explained: “The growth we have experienced has been amazing and I’m very proud to have nurtured the business from humble beginnings, starting the company using my credit card back in 2018. Today we work with a number of aviation and defence giants including Leonardo and Boeing. This investment comes at an important time in our company’s development as we are embarking on a real step change of growth. After expanding our production facility in the summer this gives us the working capital to continue with our development plans and we’re looking forward to welcoming new recruits to our team.”
Ben Donati, Investment Executive at FW Capital added: “With Carole at the helm Needles and Pins Aerospace is a dynamic and successful business. In what is a notoriously male-dominated sector, Carole and her team have enjoyed impressive growth, bringing a commitment to excellence and innovation in everything they do. The firm delivers high-quality textile solutions that support aviation and defence clients across the globe. I’m looking forward to being involved with this exciting stage of their development.”
Lizzy Upton, Senior Investment Manager at the British Business Bank said: “Needles and Pins Aerospace shows how specialist expertise developed here in the South West can compete on the global stage. Carole has built a business with skills that are in demand from some of the world’s largest aerospace and defence companies. It’s inspiring to see a family-led company from Somerset making its mark in such a highly technical sector, and we’re pleased that the South West Investment Fund can play a part in supporting their next phase of growth.”
The South West Investment Fund covers the entire South West region and provides loans from £25k to £2m and equity investment up to £5m to help small and medium sized businesses to start up, scale up or stay ahead. Fund manager FW Capital provides debt finance using the South West Investment Fund to businesses in Bristol, Gloucestershire, North and North East Somerset and Wiltshire.
The purpose of the South West Investment Fund is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the region. It is increasing the supply and diversity of early-stage finance, providing funds to firms that might otherwise not receive investment and helping to break down barriers in access to finance.
