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Sub10 Systems accelerates growth with EU-backed expansion plan
ERDF grant helps to create 22 new hi-tech jobs at telecoms equipment company / More than £1m investment in total in UK R&D, Testing and Manufacture
Welcoming the ERDF investment, CEO Stuart Broome confirmed that - as part of the terms of the Grant - Sub10 will also make a significant investment in advanced product development. During the next two years, Broome said investment of more than £1m would be made to enable the next stage of the company's global expansion adding that the ERDF funding was a significant contribution to the substantial investment already made in the business.
Sub10 Systems designs, develops and manufactures industry leading millimetre Wave (mmW) wireless Ethernet links. The company's products exploit a little used part of the radio spectrum to offer mobile network operators and Small to Medium Enterprises a high capacity, energy efficient and cost effective alternative to fixed line connections for data traffic.
The company's technology is particularly relevant to the roll-out of next generation mobile phone services which will require a network of much smaller, but more densely deployed, transmitters in order to cope with the explosion in use of smartphones and the mobile internet. Sub10's specialist data links will help speed mobile network installation and reduce the amount of cabling required.
Established in 2010 by a group of just four leading telecommunications experts, the company has doubled in size every six months and now employs more than 40 people.
The ERDF Grant was secured by David Armstrong - corporate finance director and grant expert at chartered accountants Francis Clark - who first identified the funding opportunity for Sub10 and steered the company through the application process.
After demonstrating its high-growth potential, Sub10 successfully applied for an ERDF grant to specifically enable it to equip a Research & Development laboratory capable of testing and managing the production of its high speed, high capacity wireless systems.
The new design and engineering jobs created will include positions in millimetre Wave (mmW) transmission, Radio Frequency Engineering, and Digital Signal Processing, as well as Post-Sales Support specialists.
The ERDF Growth Delivery Team in Exeter & Plymouth, which is part of The Department for Communities and Local Government, is administering the grant and visited Sub10 in January 2013 as part of the application process.
Stuart Broome, said: "This is a business changing opportunity. This grant enables us to allocate capital expenditure that facilitates the creation of new jobs and the development of a new product while ensuring future growth for the business.
"We are very grateful to David Armstrong, Tom Kingston and the Francis Clark team for bringing this grant opportunity to our attention and for guiding us through the application process."
David Armstrong added: "Sub10's experience demonstrates that businesses, particularly manufacturers, may qualify for grant funding and can successfully augment and strengthen their own investment plans from a source they had not previously considered. As a relatively early stage company, the support of the ERDF Grant - and the confidence that gives other investors - can have a transformational impact on a company such as Sub10 Systems."
Sub10 Systems reputation as a leading developer of wireless communication products has been enhanced with a global supply and distribution agreement with US corporate giant Alcatel-Lucent and a collaborative deal with Texas Instruments which sees the Newton Abbot based business use TI's multicore Digital Signal Processors (DSPs) in their new Liberator products. Sub10 also numbers Vodafone as one of its customers.
About Francis Clark:
- Francis Clark LLP is the largest independent firm of chartered accountants in the South West. The firm provides advice and support for personal clients and businesses across a variety of sectors including charities, healthcare, leisure and tourism, property, professional practices and rural business.
- The firm has 48 partners and employs over 350 members of staff across the region including specialist divisions such as corporate finance, financial planning, business recovery, forensic and valuation services.
- The firm is ranked 28th in Accountancy Magazine's Top 50 Chartered Accountancy practices.
- Francis Clark is the winner of the 2012 LexisNexis 'Best Tax Practice in a regional firm'.
- Francis Clark is the winner of the 2012 British Accountancy Awards 'Tax Award of the Year (non global firm)'.
- For more information visit: www.francisclark.co.uk
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