Hanson Springs prepares for £30m turnover target
SPRING manufacturer Hanson Springs has secured £5m in funding after recording growth of more than 50% in three years.
The Rochdale-based company – which exports 80% of its goods – increased turnover from £15m in 2009-10 to £23m in the current financial year.
The £5m funding from Yorkshire Bank, along with an additional £500,000 credit line, will help Hanson Springs drive an expansion strategy that will see turnover reach £30m and create 50 new jobs over the next three years.
Half of the £5m funding has been used to acquire a new 90,000 sq ft facility in Rochdale, with the remainder earmarked for purchasing custom-built spring-making equipment to kit out the new production unit. This will complement the firm’s existing facilities, comprising 90,000 sq ft, on two sites in Greater Manchester.
The business manufactures springs for various types of industrial valves and distributes its products globally to multinational organisations in the oil and gas, power and chemical industries.
The family-run firm, which employs more than 175 people, also has a distribution warehouse in Dallas, Texas and a sales office in Milan, Italy.
John Hanson, finance director, said: “The recession hit us hard in 2009/10, but in recent years we’ve been able to grow because we export 80% of our production and almost all of the remaining 20% eventually leaves the UK as finished products. Although growth in emerging economies has slowed, it’s still very strong compared to developed economies.”
He added: “We’re very much a family-managed business, which makes us agile and responsive. As well as myself, my dad Malcolm is the managing director, and my sister, Lisa Jenkinson, is head of strategic purchasing.”
