Swindon’s newest hi-tech firm, PRP Optoelectronics, has received a multi-million pound investment to develop innovative products at its new plant in the town.
The firm announced earlier this month that it is to develop a 100,000 sq ft state-of-the-art design and manufacturing base at Hillmead to make market-leading light emitting diode (LED) technology. 
The firm’s pioneering products are used by military and civil firms in a range of applications such as weapon sights, thermal imagingad industrial controls and can be found on the flight decks of many of the world’s major aircraft manufacturers.
Ahead of its move to Swindon, PRP Optoelectronics’ holding company PRP Technology has signed a long-term strategic partnership with Veruth Holdings, a private investor specialising in UK manufacturing companies.
Luton-based Veruth chairman David Sheridan said: “PRP Technology represents our biggest single investment to date and we were very impressed by [chairman and CEO] Robert Green, his team and the exciting technology that PRP is developing for international customers. We know that PRP has big plans for the future and we are delighted to be part of this.”
Mr Green added: “We are extremely pleased that Veruth has acknowledged the strong growth potential offered by PRP. We plan to use this investment to fund our continued product development and market diversification.”
No financial details of the investment have been disclosed but Veruth’s usual mode is to take a 26% stake in the business and have a non-executive director on the board. Its minimum investment is £100,000 but usually rather higher.
The model is to split profits with 50% retained by the company, 20% for management incentive schemes, 30% for dividends. “This shows our determination to keep re-investing the profits to build the company further,” said a spokesman.
The non-executive joining PRP will be leading microelectronics industry figure Dr Stephen Reynolds.
PRP has been based in Towcester, Northants, for 25 years but a proposed demolition of its site forced it to look for the best location for it to continue to meet the growing demand for its leading-edge products.
It decided on relocating to Swindon because of the town’s excellent transport links and strong local hub of technology companies with a good source of local talent and supply chain links. Proximity to Heathrow Airport was also important for its international customers.
The firm, which also has research facilities at Rutherford Appleton Laboratories in Didcot, praised the level of support and enthusiasm demonstrated by Swindon Council and its inward investment company Forward Swindon.
