´óÏó´«Ã½

A high-precision component maker is set to expand its operations in the UK and Europe after securing a £4m investment from the Business Growth Fund (BGF).

Glasgow-based Walker Precision Engineering said the funding would allow it to increase its machining capacity.

The family-owned business manufactures and assembles parts for the aerospace, defence and industrial sectors.

It operates from premises in Glasgow, Basildon in Essex, and Poland.

Founded in 1979, the company is run by brothers Gary and Mark Walker and employs more than 250 staff.

In a statement, Walker said it had seen an increase in demand, particularly in the burgeoning space market.

The firm has been forging closer links with the International Space Agency, and has been involved in the Galileo global navigation satellite system.

In addition to further investment at its Glasgow headquarters, Walker will move its Basildon operations to a new purpose-built facility and double the capacity of its manufacturing facility in Poland.

Managing director Mark Walker said: "Now is the right time to bring on board a minority investor.

"BGF's funding will help us pursue new opportunities in the market faster than we would otherwise have been able to do, without losing control of the business."

BGF investor Paddy Graham said: "Walker is one of the leaders in its field, having built a strong heritage and long-standing customer relationships.

"There are significant opportunities for Walker to expand its capacity further in both existing and in new markets."

BGF provides growth capital to small and mid-sized businesses in return for a minority, non-controlling stake.

It is backed by five of the UK's main banking groups - Barclays, HSBC, Lloyds, RBS and Standard Chartered.