A Mansfield firm is looking forward to a bright future after the completion of a management buy-out.
Express Hose and Fittings, which employs 11 staff, was purchased by the management team after securing £368,000 in funding from Santander Business Banking.
Now the firm, which manufactures hydraulic and pneumatic hoses and offers a repair service, believes it can go from strength to strength.
Paul Toplis, director, said: “With this funding, we will be able to improve the company’s position as a market-leading firm at the centre of the supply chain for many UK and international businesses.
“We are looking to build on this momentum and take Express to the next level of development. The funding has been key for us to realise our plans.”
The company, based at Isabella Court, Enterprise Close, offers an range of hose and fittings to clients in a range of industries, including food processing, construction, manufacturing, agriculture, transport and engineering.
Parts it provides are used in engines, heavy equipment and manufacturing lines, with a focus on pneumatic and hydraulic services – clients include Uniper, Rolls-Royce and Babcock International.
In addition to the funding, Santander has provided an invoice financing facility to ensure payments from suppliers are processed quickly, helping the firm to manage its cashflow effectively.
The business plans to explore international markets as a result of its recent growth and also to hire apprentices from the Mansfield area in order to create a strong leadership pipeline for the future.
Paul Richardson, Santander relationship director, said: “Express provides an unparalleled service to its clients and is now in a strong position to expand.”
“We are delighted to be able to support a manufacturing business at the heart of the UK supply chain which is so highly regarded in its field.”