By: 5 August 2014

The founder of a well-known Yorkshire manufacturing business has backed the growth of Leeds-based medical instrument maker Surgical Innovations by buying up £1.6m-worth of shares.

As reported by Insider News, AES Engineering founder and managing director Chris Rea has bought almost 39.5 million shares at a price of 4p each. The move gives him an 8.9% stake in the company. Rea has also agreed to join the board as a non-executive director.

Surgical Innovations said the cash raised would provide additional working capital for its strategy for growth and strengthen its ability to move rapidly and effectively into two key areas of minimally invasive surgery.

“The involvement of Chris Rea with Surgical Innovations both as an investor and a board member will be a major asset for the company and a vote of confidence in its long term future,” said Surgical Innovations chairman Doug Liversidge.

“Chris brings his immense experience of manufacturing and international business to the company, at a time when it has established a solid basis for growth.”

Junior editor at Fintech Intel