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PORTUGUESE START-UP EYES DERBY FOR NEW FACTORY

A Portuguese start-up has announced plans to open a new UK factory, expected to be located in Derby, in 2020.

Corkbrick Europe has said that while the exact location has yet to be formally decided, the of the branch will be to source and produce materials and products locally and be closer to the UK market.

The company has also launched its second fundraising round on European equity investment platform, Seedrs.

Funds raised will go towards increasing production ten times to 4,000 pieces a day.

Founder and chief executive Miguel Reynolds Brandão said: "Despite the UK’s impending departure from the EU, the UK market potential for us is too big to ignore, therefore with support of many of our UK, and European, shareholders we look forward to opening our UK subsidiary in the next year and bringing our smart solutions for smart living to the market.

"We are delighted to return to Seedrs for the second time to welcome back existing, and attract new, investors who are the best advocates for our brand and the mission we are trying to achieve."

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