Fastening products start-up secures international expansion
DYNAMIFIX, the Castleford-based anchoring and fastening products suppliers, is set for European expansion just six months after founding.
The company, which is the main distributor in the North for Powers Fastners, has secured a loan from Lloyds TSB Commercial Finance to help it cope with increased demand.
The factoring facility will enable the business to grow in line with sales as well as take on new staff.
Dynamifix is also looking to service new contracts in the UK and Europe. The company has also invested in an e-commerce store, which gives additional guidance on selecting the most appropriate product.
Tony Petyt, managing director of Dynamifix said: “Cash flow is a major concern for any new business but having the right financing in place has been key to our success.
“After just five months we found that as we extended our reach into Europe we needed additional funding to keep up with demand.”
Peter Bould, regional manager for Lloyds TSB Commercial Finance in the North East, said: “For such a new company, Dynamifix has done remarkably well in its first five months of trading, which is testament to Tony and the team’s hard work and strategic vision.
“Cash is the lifeblood of any business and ABL has continued to cement its position as an increasingly viable option for entrepreneurs who are setting up a business or trying to grow an established one.”
