A Flintshire-based forklift truck specialist has benefited from a recent management buy-in thanks to a £400,000 loan from Finance Wales.
Hannaman Material Handling, formerly Hannaman Engineering, is a forklift truck services company specialising in hire, lease, sale and repairs.
The business is based in the Deeside Enterprise Zone, fast becoming a centre for advanced manufacturing and technology excellence in Wales.
A loan from Finance Wales has enabled local businessman, Steve Downey to undertake a management buy-in of the company.
"Hannaman started out as a family run business 38 years ago. Today it has an impressive customer base as well as an excellent trading history. Key to this longevity has been its excellent reputation which has been built up by ‘word-of-mouth’ over the years.
"With Finance Wales’ backing we are now in the exciting position to drive the business forward with a new growth strategy. This includes expanding our supplier base of forklift truck and industrial floor care equipment manufacturers and moving into new products and services in fleet management systems, racking solutions and training."
"Being based in a manufacturing hub like the Deeside Enterprise Zone is an ideal location for us and we’re keen to make the most of new opportunities throughout Wales and in particular the Deeside and Wrexham areas as well as from our existing client network," explained Downey.
Finance Wales Investment Executive, Rhodri Evans structured the investment. He said:
"The succession of a management team is always crucial to the long-term growth of a business. Hannaman Material Handling has a long and proud history in its sector and this buy-in signals a new exciting chapter for the company.
"Finance Wales was happy to back Steve Downey for the succession. With a background in manufacturing and detailed knowledge of the company beforehand, he has all the right skills and experience to successfully drive the business forward and achieve its growth potential."
As an SME in one of Wales’ Enterprise Zones the company was eligible for a two per cent interest rate reduction on their repayments.
The scheme, which is available to eligible SMEs until further notice, applies to loans from the Wales JEREMIE Fund, Wales SME Investment Fund, the Wales Micro-business Loans Fund and the Wales Capital Growth Fund.
Welsh SMEs located in or willing to move an enterprise zone can also benefit from reduced business rates and superfast broadband.
Information on the seven enterprise zones an be accessed at: http://enterprisezones.wales.gov.uk