Co Tyrone-based industrial pressure washers and power products manufacturer Maxflow is accelerating its growth with a finance package issued by Ulster Bank and guaranteed by UK Export Finance (UKEF), the government’s export credit agency.
The move supports Maxflow to expand its operations, enter new export markets, and grow its customer base.
With more than 25 years of industry experience, 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).
With significant revenue coming from exports, entering new overseas markets is seen as presenting new opportunities for growth at Maxflow, which is based at Derryloran industrial estate in Cookstown.
Employing 25 staff, Maxflow is creating new job opportunities and is investing in a new factory.
Ryan Wylie, managing director at Maxflow, said: “We couldn’t be more excited about our 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.”
This is the first time Ulster Bank and UKEF have worked in partnership to issue a trade loan facility for a Northern Ireland business.
The loan facility was guaranteed through UKEF’s General Export Facility (GEF), which helps SME exporters to access more working capital and scale up their operations.
Through the GEF scheme, SMEs accessed more than £576 million in working capital loans in the last financial year.
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. We remain 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.”