Chinese investors have scooped up a significant minority stake in British aerospace firm Gilo Industries Group.
The science arm of conglomerate Kuang-Chi, which is headquartered in the city of Shenzhen, has bought a stake in Dorset-based Gilo, Sky News reported.
The deal is expected to be announced in Asia tomorrow. The size and value of the investment has not yet been disclosed.
The commitment to invest in the UK was a vote of confidence in the post-Brexit vote UK economy, a source told Sky News. The tie-up is thought to be the first in a series of investments across UK tech industries that could include telecoms and robotics.
Gilo Industries Group was founded in 2012 by entrepreneur Gilo Cardozo. It has been dubbed “the Disneyland of engineering” for its wide range of commercial and recreational aviation products.
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The group manufactures jet-backpacks and rotary engines for unmanned aeronautical vehicles, among a range of other aerospace and defence products.