Pressure washer firm’s growth boost
NORTH West online pressure washer retailer Kiam Power Products has secured a key trade finance package to support its growth plans.
Knowsley-based Kiam specialises in the retail of its own branded pressure washers and cleaning equipment which are manufactured in China. The “six figure” trade finance funding package from the Royal Bank of Scotland will allow it to secure additional contracts with new Chinese suppliers.
Kiam was set up in 2007 by Jonathan Paxton who has spent 25years in the cleaning equipment market. The company’s product range includes pressure washers, steam cleaners, floor sweepers, floor scrubber driers, vacuum cleaners and carpet cleaners. In addition to the hardware, Kiam also provides additional services such replacement parts and servicing.
The products are sold predominantly to industrial customers via an eBay shop and the company’s website www.equip2clean.co.uk. Kiam operates from a base on Knowsley Industrial estate and has a turnover approaching £1m after just two years trading.
Mr Paxton said: “Since we launched two years ago the business has performed strongly and we have reached the position where we needed to expand our supplier network in China to meet demand back in the UK. To achieve this it was important to have a trade finance solution in place and we are pleased to achieve this.”
RBS Commercial Banking in Liverpool provided Kiam with the funding package, which persuaded the company to leave its existing banking provider.
Ian Bateson, head of business development for RBS in Liverpool, said: “Jonathan impressed us with his expertise in the market and has built a successful business in a relatively short space of time. This funding provides Kiam with the headroom to continue with its growth plans.”
