The management team at Mansfield-headquartered Express Hose & Fittings, a hydraulic and pneumatic hose manufacturer, has successfully completed a management buy-out (MBO) following £368,000 in funding from Santander Business Banking.
Express Hose & Fittings offers an extensive range of hose and fittings to clients in a wide range of industries including food processing, construction, manufacturing, agriculture, transport and engineering. The parts provided are used in engines, heavy equipment and manufacturing lines, with a focus on pneumatic and hydraulic services. Well known clients include Uniper, Rolls Royce, and Babcock International.
In addition to the funding, Santander has provided an invoice financing facility to ensure that supplier payments are processed quickly and to help Express Hose & Fittings manage its cash flow effectively. The business plans to explore international markets as a result of the recent period of growth and is also looking to hire apprentices in order to create a strong leadership pipeline for the future.
Paul Toplis, Director at Express Hose & Fittings, said: “With this funding we will be able to strengthen the business’ position as a market leading firm at the centre of the supply chain for many UK and international businesses. We are now looking to build on this momentum and take Express Hose & Fittings to the next level and the funding from Santander Business Banking has been key for us to realise our plans.”
Paul Richardson, Relationship Director at Santander Business Banking, said: “Express Hose & Fittings provides an unparalleled service to their clients and is now in a strong position to expand. We are delighted to be able to support a UK manufacturing business at the heart of the UK supply chain which is so highly regarded in its field.”
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