Hannaman Material Handling, a 40-year-old forklift truck and material handling equipment specialist, is on course to double its turnover by 2017, following funding support from Secure Trust Bank Commercial Finance.
Founded in 1975, the Deeside-based firm supplies price competitive forklift service support and high quality material handling products to customers across North Wales, the North West and the Midlands. The company has established strong business partnerships with leading original equipment manufacturer brands of material handling equipment, such as Mitsubishi Forklifts, Combilift, JCB, HAKO and Link 51.
In December 2013, the business was acquired by army veteran Steve Downey, who is Managing Director, and has since seen impressive growth. Turnover has grown significantly from £1.35m when Steve joined the business, with a £3m target set for 2017.
The funding line provided by Secure Trust Bank Commercial Finance will be used to improve cash flow and assist with the expansion of the business. With the firm’s aim to expand further across the North West, both organically and through possible acquisitions, the funding provides the capacity to do this.
Steve Downey, Managing Director of Hannaman Material Handling, said: “At this moment in time we are a relatively small business, however, we have the ambition to grow and have the development plans to help us do so. We required a funder behind us with the ability to see and share in our vision, and the team at Secure Trust Bank Commercial Finance understood our aims, using a refreshing personal approach to lending.
“The team’s assistance has given us the extra time to focus on our development within the North West, whilst maintaining our client base in North Wales, and we look forward to building this relationship as we progress as a business.”
Alex MacDonald, regional sales manager at Secure Trust Bank, said: “Hannaman is a growing business in a fast moving sector, so we needed to provide a solution in a short time scale. Due to the varying cash flow requirements of businesses in this space, we offered the firm a greater degree of flexibility, which has given them the room to grow.
“With great potential and big name suppliers, there is a huge amount of space the business can expand into and to grow its client base in the North West.“
Ian Adams, business development manager at Bathgate Business Finance, added: “Steve came to us looking for a funder that really understood the long-term goal of the business. We originally had four funders that pitched, which was narrowed down to two. What Secure Trust had to offer in terms of the reputation of the bank, as well as understanding the business needs, made it the clear winner. Hannaman has a great challenger bank behind it, and we are pleased we found it in the right financial solution.”