THE commercial banking team at HSBC in the Midlands has backed a manufacturer of acoustic and thermal insulation components with a new £1.6m finance package.
The deal, led by senior commercial manager Jon Forster, includes invoice finance, asset finance and credit card facilities and will help Chesterfield outfit TMAT expand further into the global agricultural, off-road and automotive sectors.
In April 2009, TMAT was the subject of a management buy-in which rescued the company from administration.
The company, which employs 100 people, processes composites and supplies vehicle and cabin manufacturers throughout Europe, Asia and the Americas, working with brands such as JCB and Volvo Construction.
It claims to be the only UK manufacturer to offer customers a single sourcing opportunity for all flooring, trim and acoustic systems.
Roy Harris, regional commercial director for HSBC Midlands, said: “TMAT is looking to expand globally and needed a bank that could support the business on a domestic and international scale.
“We’re delighted to be supporting TMAT during this next phase of growth.”
TMAT managing director Jason Lippitt added: “Having come from administration to recording sales of £1m in June alone, it’s been quite a year for the company.
“The partnership with HSBC underscores the bright future for us as a business and the manufacturing industry as a whole.”
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