Norfolk race-tech firm hits fast track
racing technology norfolk (rtn), a supplier of carbon fibre solutions for the motorsport industry, expects business to quadruple over the next three years following its acquisition by Norfolk aerospace and automotive composites specialist, Express Composites.rtn was bought from the Audi Group for an undisclosed sum and operations director, David Coates, believes the company now has the independence to approach its full potential.
He said: “Audi could not keep us at full capacity. Our ability to bring in other work suffered because other automotive firms did not want to come in and reveal trade secrets.
“A management buy-out was considered but the principal consideration was to keep rtn and its staff going and Express Plastics synergies was a perfect fit. We are now looking at doubling turnover by the end of 2008 and then again by 2009.”
This would see rtn-derived revenues jumping from their £2.5m level in 2005 to £10m by 2009. Shop floor staff are also expected to grow, doubling in size to around 40 and lifting rtn numbers to 55 permanent staff.
The enlarged company will have 150 staff and a turnover in excess of £10m and will allow a company with a strong track record in the aerospace, automotive and motorsport sectors to expand its client base in the defence, marine and telecoms sectors.
Established in 1987, rtn provides world-class carbon fibre composites, rapid prototyping and engineering services and facilities to the motorsport and motor racing markets.
The firm helped construct the Le Mans-winning Bentley in 2003 and has also worked on other advanced carbon fibre projects including development work for Bugatti Veyron.
Express – formerly Ex-Press Plastics – will move from Loddon to an adjacent facility currently under construction at Ellough, Beccles.
rtn will remain at its purpose-built 45,000 sq ft workshop and office facility in Hingham.