British Business Bank CEO, Louis Taylor visits Cti in its Centenary year
March 21, 2023
Cti was delighted to welcome Louis Taylor and members of NPIF during a visit which marks Cti’s Centenary year and the British Business Bank’s CEO’s first visit to Sheffield.
Cti continues to buck the trend with year-on-year growth two years on from its management buyout and its significant loan from NPIF – Mercia Debt Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund. The investment was also backed by the Coronavirus Business Interruption Loan Scheme (CBILS). CTI’s turnover grew from £6m to £7.2m from 2021 to 2022 and is expected to grow significantly by the end of the year, which was driven by new client acquisitions and contract wins.
The company, which celebrates its 100-year anniversary this year, is also committed to creating more opportunities for women after a new report by EngineeringUK highlighted the gender disparity in undergraduate engineering and technology degrees. The report revealed 115,000 more girls would need to study A-Level maths and physics each year to bridge the divide. Since 2021, the foundry has grown staff numbers by 35 per cent. As part of its plans to address the skills gap in STEM, CTI will look to create 12 new apprenticeship roles in the next three years.
Funding from NPIF was used to bolster its world-class manufacturing facility to produce one of the world’s largest ever titanium parts poured into a ceramic mould for a Japanese customer. The funding also helped boost product development, and to expand its sales and marketing infrastructure and resources.
To help mark its 100-year milestone, Louis Taylor, the newly appointed CEO at British Business Bank, paid a visit to CTI’s facility to find out more about the firm’s plans in the region. Louis Taylor, CEO at British Business Bank, said: “CTI is a prime example of high-quality British manufacturing. I am proud that the Northern Powerhouse Investment Fund, backed by the CBILS guarantee programme, and our fund managers at Mercia have been able to support the management team through a period of exceptional growth. CTI has been a key part of Rotherham’s manufacturing scene for almost a century and has demonstrated true resilience in response to the various headwinds that sector has faced. Its commitment to supporting the next generation of women coming into this sector is remarkable, and I’m looking forward to seeing what’s in store for the business in the years to come.”
Kevin Parkin, chairman at Casting Technology International, said: “We’ve been at the heart of manufacturing in the UK for 100 years, and funding from NPIF and Mercia has helped ensure that we’ll continue this legacy for years to come. We know the value of future investment into R&D and new technologies which is why we’re focusing heavily on that part of the business this year as we seek out new opportunities to grow. We’re also committed to increasing equality, diversity, and inclusion amongst our workforce, and our pipeline of apprenticeship schemes will be a key part in reaching that goal.”
Paul Taberner, managing director at Mercia, said: “CTI is a great example of the role NPIF and CBILS can play in enabling an SME to achieve its strategic ambitions. Working alongside its primary funders, Mercia was delighted to support the company in achieving the next step in its evolution and is equally delighted to see the progress made since the MBO, in particular the creation of new highly-skilled jobs and the significant investment in research and development.”
Both the Northern Powerhouse Investment Fund (NPIF) and the CBILS guarantee programme are delivered by the British Business Bank. Mercia Asset Management was the fund manager on the deal. The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank