Flowtech agrees £19m refinancing

FLOWTECH, the Skelmersdale-based distributor of hyrdraulic and pneumatic products, has agreed a £19m banking facility with Barclays.

The deal includes a refinance of existing debt with the bank and a working capital facility.

Flowtech, which employs around 150 staff and has sales of around £27m, was the subject of a management buyout backed by the private equity house Gresham in 2004.

Finance director Bryce Brooks said: “Barclays have supported Flowtech since the mid-2000s and has continued to demonstrate their support with this latest refinance.

“From a challenging leverage position, Barclays has demonstrated a real understanding of our business as well as on-going debt finance and working capital support. The business is now flourishing and we look forward to working with them into the future as we build the business and look to deliver value for shareholders.”

The refinance was arranged by Miles Rothbury, relationship director for Barclays Corporate Banking in Manchester.

He said: “Flowtech is a growing enterprise thanks to their astute management team and by continuing to provide the finance to support their on-going strategic plans, Barclays is confident the business will take full advantage of the growth opportunities in the markets they operate in.”