Noted Fylde coast entrepreneur relishes City move
A Fylde coast entrepreneur said he was excited to be returning to the City with Velocity Composites, which looks set to raise up to Â£14.4m by floating on the stock market.
Mark Mills is non-executive chairman of the Burnley-based company, whose shares are expected to begin trading on the Alternative Investment Market this week.
He is best-known as the founder and chief executive of AIM-listed cash machine operator Cardpoint, which he ran from 1999 to 2006.
Mark, who is based in Lytham, has a long track record of helping businesses to build value.
He was chairman of Deeside-based Tactical Solutions UK when it was sold to St Ives in 2011, and was chairman of Preston-based Garside and Laycock Group until its sale to SPIE Group in 2012.
Currently he runs the Mark Mills Partnership advising companies on their growth strategies and efficiency improvements.
Since 2013, he has been non-executive chairman of LDC-backed pipeline inspection equipment specialist Mini-Cam, which is based in Warrington.
He joined the board of Velocity in 2015 and became chairman last year.
Velocity makes advanced composite products for the aerospace industry. The company, which was founded in 2007 by Jon Bridges, Chris Banks and Gerard Johnson, achieved revenues of Â£14.6m in 2016 and adjusted pre-tax profits of Â£300,000.
It employs nearly 100 staff across its headquarters in Burnley and a site in Fareham, Hampshire.
Shares are expected to begin trading on Thursday. Velocity’s market capitalisation on admission will be Â£30.4m.
Mark said: “Velocity is a great business. Its model is predicated on helping manufacturers to save time and material costs, and therefore money, while also allowing them to concentrate on their core business to help increase production rates.
“Having helped to identify growth opportunities for Velocity, the team recognises the need to open additional facilities around the world over the next five to 10 years.”