A LEADING European manufacturer of acoustic and thermal insulation components has announced a £1.6m funding package in partnership with a top bank. (FORp20)
TMAT, of Holmewood Industrial Park, on Park Road, Chesterfield, has struck a deal with HSBC’s Commercial Banking Team in the Midlands which includes invoice finance, asset finance and credit card facilities.
The company hopes the package will help the business expand further into global markets and continue its product innovation for the agricultural, off-road and automotive sectors.
Jason Lippitt, managing director at TMAT, said: “Having come from administration to recording sales of £1 million in June alone, it’s been quite a year for the company.
“We have turned the business around and it’s growing rapidly. The partnership with HSBC underscores the bright future for us as a business and the manufacturing industry as a whole.”
TMAT was subject to a management buy-in in April 2009 that rescued the company from administration.
But now it is continuing to go from strength-to-strength and is the only UK manufacturer to offer its customers a single sourcing opportunity for all flooring, trim and acoustic systems.
The company supplies many leading vehicle and cabin manufacturers throughout Europe, Asia and the Americas.
It also works with some of the world’s biggest heavy plant manufacturers including Case New Holland Tractors, JCB and Volvo Construction.
Roy Harris, HSBC’s Regional Commercial Director for Midlands, said: “TMAT is looking to expand globally and needed a bank that could support the business on a domestic and international scale.
“HSBC is renowned for both its global and local connections and we’re delighted to be supporting TMAT during this next phase of growth.”
TMAT employs over 100 people and produces items such as the life pleasanter, which reduces noise and vibration for those working in machine cabs in tractor and excavators.
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