Formaplex is planning ‘significant expansion’ following the investment, which sees Dunedin director Nicol Fraser joining the company’s board.

The investment follows Formaplex’s move in November 2006 to a purpose-built manufacturing facility in Hampshire, where the company is now headquartered, manufacturing prototype parts in low volumes not only for Formula 1 but for the mainstream automotive, aerospace, telecoms and medical industries. Many of these parts are made of plastic.

David Shooter, manufacturing director and co-founder of Formaplex, says: ‘Dunedin were completely different to our initial perception of private equity. They quickly understood that despite the demise of main-line, high-volume manufacturing in the UK and Europe, design and development skills are maintained in the UK.’

Giles Derry, director of Dunedin, comments: ‘The management team has built a unique business utilising market-leading software, adapted to its own requirements, with high-speed machining expertise enabling it to provide high-quality products to its customers in very tight timescales.’

Established in 2001 by Shooter and fellow director Ian Wilson, Formaplex has 40 staff and expects sales of £8 million this year. The company says it has grown by almost 40 per cent per year since its inception.