A Co Tyrone manufacturer of industrial washers and power products is boosting its growth with funding from Ulster Bank backed by UK Export Finance (UKEF).
It’s the first time Ulster Bank has worked with UKEF, the government’s export credit agency, to issue lending to a business in NI.
Maxflow, which is based in Cookstown and was founded over 25 years ago, said it will now be able to expand, enter new export markets and grow its customer base.
The support of Ulster Bank and UKEF has also included a multi-million-pound support package for a Management Buy Out (MBO).
The company said it could now cope better with cash flow-related challenge and maintain high stock levels, which helped its reputation in a competitive market.
The loan facility was guaranteed through UKEF’s general export facility (GEF), which helps SME exporters access more working capital and scale up.
Through the GEF scheme, SMEs accessed over £576m in working capital loans in the last financial year.
Liz McCrory, UKEF export finance manager, said: “We are proud to support Maxflow as they build on their success.
“UKEF’s collaboration with Ulster Bank in this working capital finance deal is a prime example of how our general export facility can boost the confidence of SMEs in Northern Ireland to achieve their growth ambitions and venture into new export markets.”
Ryan Wylie, managing director of Maxflow, added: “We couldn’t be more excited about Maxflow’s growth.
“Our commitment to exceptional customer service is at the heart of everything we do. We pride ourselves on being a reliable, go-to partner, ensuring our customers can always count on us to deliver exactly what they need, when they need it.
“Expanding into new geographical markets is a transformative step for Maxflow, and the support from Ulster Bank and UK Export Finance has been crucial in helping us seize this opportunity.
“The ability to manage cash flow effectively while maintaining high stock levels has allowed us to meet the demands of this new market and position ourselves for sustained growth.”
Maxflow’s expansion also includes significant investment in infrastructure. A new factory is being built, with phase one expected to be completed this year.
The company is also due to create new jobs in Cookstown, where it employs 25 people.
Leona McNicholl, senior relationship manager at Ulster Bank, said: “We’re proud to support Maxflow as they take this exciting step to expand their operations into new export markets.
“This milestone highlights the importance of providing businesses with the right financial tools to achieve their growth ambitions.
“Ulster Bank remains committed to supporting Northern Ireland’s businesses, helping them seize new opportunities and grow and this is very evident in the level of support provided to Maxflow in their growth plans through working capital facilities as well as supporting the recent MBO.”