Ryan Wylie has big plans for expansion at his manufacturing business Maxflow Power Products.
The firm, which provides a wide range of industrial washers and power products, is accelerating its growth – backed by a new finance package from Ulster Bank, which is guaranteed by UK Export Finance (UKEF).
“We carry upwards of 400,000 parts across 8,000 lines – it’s a large range of products,” Ryan Wylie says.
“We are a pressure washer and generator manufacturer, providing spare parts for that range – it’s quite vast. We have the largest selection of power products in the UK and Ireland, and that’s part of reason we have such a wide customer base.”
Maxflow currently has a team of around 23 staff, but as a result of its expansion it’s eyeing hiring between six and 10 new staff members.
“We have grown exponentially over the last five years – we are about four times the size,” Ryan says.
Ryan, who co-owns the business with operations director, Cameron Hewitt, says the new funding from Ulster Bank – alongside other finance facilities with the bank – will help the firm grow further still, with fresh working capital.
“The facility allows us to continue to invest in stock to further our growth, while the business continues to develop its capital projects.”
The UKEF schemes enable the provision of a trade facility where the bank has appetite to support a viable proposition, where insufficient collateral is available through an increase in the total value of trade, or other credit, facilities to the customer.
“Trade loans have been available across the group for many years, and we have just launched with Ulster Bank, aligning the product across the brands,” Ross Currie, trade finance director at NatWest, said.
“It’s tailored working capital solution tied directly into the customer’s needs and trade cycles.
“We see it being used to help fund areas such as supplier payments and stock purchases. They play a big part in working capital for imports and export, as well as supporting domestic trade.
Ross says the facility offers firms from across the sectors, not just within manufacturing, a strong working capital pipeline.
“We have a large number of face-to-face relationship managers, supported by trade finance specialists, and are meeting local people and businesses,” he said.
“The product couldn’t have arrived at a better time for Ulster Bank. With challenges in the economy and with the cost of business going up, they are eating into working capital.”
That includes rising shipping costs, and alongside delays, leading to lengthening trade cycles for firms.
“The product is universal and can apply to every single sector,” Ross says.
“We are keen to spread the word to firms in Northern Ireland, letting them know that this is available.”
Maxflow’s ability to grow as a business has been furthered by UKEF and Ulster Bank’s financial support which also recently included a multi-million-pound support package for a management buy out (MBO).
Maxflow Power Products Limited is the first company in NI that has been awarded the UKEF-backed facility from Ulster Bank.
Ryan Wylie, who is a Chartered Accountant, said the business has continued to grow since the management buy-out in May.
“Since 2021, Cameron and I have had operational control, and in this period we have rapidly expanded the business and facilitated the recent MBO.
“We are now pushing into new export markets. With that brings additional stock – you need that to be able to service customers, and that takes time to build up.
“A lot of our items forecast with suppliers can have lead times of six to 12 months. That’s where our experience comes in.
“As we continue to grow, our stock continues to increase, and this facility allows the funding of this trade cycle.
“When a customer comes to us for something, we always have it. Maxflow’s growth is built on customers knowing that we can deliver.
“This is why we have attracted customers who may have been with other suppliers, and gained market share in the last five years across Northern Ireland and the Republic.”
Ross Currie says the bank is able to do a deep dive into a customer’s trade cycle, and then develop a suitable finance package on the back of that.
“It’s looking at key timescales: when they need to sort suppliers, stock that needs to be held, manufactured, the time to receive goods, shipping to the customer and then payment time – building that into a facility which works for them.
“The availability of working capital is one of the big inhibitors for firms. Knowing facilities such as this are out there and can help is an opportunity.”
An Ulster Bank Trade Loan can offer customers a more cost-effective finance method, and may provide higher amounts of working capital compared to some other funding methods.