A growing technology business is relocating to Peterborough in a move that will create jobs.
Codem Composites is transferring its operations from Sawtry to an 11,326 sq ft, two storey industrial unit and offices at Harrier Park, in Orton Southgate.
The company, which currently employs 30 people, has taken a 10 year lease on the premises and says the move will enable it to double the workforce over the next three years.
Codem, which specialises in the design and manufacture of carbon fibre components and is heavily involved with F1 motor racing, has been in Sawtry since 2009 and the move will see it more than double the size of its existing premises.
The new facility will allow it to meet an urgent need for extra space and provide for further expansion.
Kevin Doherty, managing director, said: "Approaching our 10th year of trading we have plans for the rapid expansion of our workforce.
“Peterborough premises will help raise our profile and present us to a bigger pool of potential recruits, particularly apprentices, in whom we are investing heavily, as well as giving us excellent transport links for existing staff and our network of clients and suppliers.”
He added: "With a current headcount of 30, we’re targeting to double our headcount in the next three years.
The lease agreement was overseen by commercial agents Barker Storey Matthews on behalf of the owners, an institutional pension fund.
Julian Welch, who led Barker Storey Matthews’ agency on the property instruction, said: "This is an occupier operating in a premium sector of modern manufacture.
“Its move to Peterborough is a testament to the city’s contemporary industrial profile.
"It also confirms such occupiers’ appetite for commercial premises here in seeing a presence in the city as enabling business growth.”
Codem Composites was advised in the transaction by Nera Accounting Ltd, based at Thorpe Wood, Peterborough.