Supercar brake specialist Surface Transforms has signed a £13.2m loan agreement with Liverpool City Region as part of a £44m investment programme to expand its manufacturing site.

And the firm, which makes ceramic brakes for high-performance vehicles, says the support is forecast to help it to create some 70 jobs.

Surface Transforms is one of only two companies of its kind in the world and has worked with carmakers including Aston Martin and McLaren. The Knowsley company says the loan and the investment plan will see its available production capacity rise from £50m per year in 2024 to £150m per year in 2027.

Steve Rotheram, Mayor of the Liverpool City Region, said: “Our area is fortunate to be home to an abundance of world class manufacturers to rival anywhere in the world. It’s their distinctive capabilities and strengths that help to set our region apart from the rest, with industry leading businesses like Surface Transforms on our doorstep.

“This investment we’re making will be transformational in helping them to scale-up their operations – and create quality, highly-skilled jobs and training opportunities for local people. We’re showing the difference that devolution makes by helping local businesses to not only fulfil their potential but to ensure that our area remains at the forefront of manufacturing innovation. It’s local people that stand to benefit with jobs, training and apprenticeship opportunities.”

The loan agreement has been made with the Liverpool City Region Urban Development Fund, which is part-funded by the European Regional Development Fund (ERDF).

Kevin Johnson, chief executive of Surface Transforms, CEO said: "We are delighted to have secured this capital expenditure loan, that will enable us to execute our strategic growth plans and further strengthen our position as a leader in carbon fibre reinforced ceramic automotive brake discs. We want to thank our partners in the Liverpool City Region Combined Authority and Knowsley District Council for their support in securing this loan. We are now looking forward to concluding the recent equity placing and Open Offer and accelerating our programme of increased capacity installation paving the way for a swift acceleration of our expansion plans."

Isabelle Maddock, chief finance officer at Surface Transforms, said: “We are exceptionally grateful for the support we have received from the Liverpool City Region Combined Authority in the form of this capital expenditure loan.