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Farm machinery exporter reveals plans for Cheshire factory after reaping £230k investment
A farm machinery company based in Chester is looking to expand internationally, establish a new factory and create jobs after securing a £230k finance package.
Thornton Science Park-based Spread-a-Bale, which has exported agricultural equipment for the last 15 years, will use the six-figure boost to drive its presence overseas, particularly in the North and South American markets.
Exports currently account for around one-third of the company’s turnover, but managing director Michael Hughes believes that figure could grow to overtake UK sales.
Such growth could see Spread-a-Bale launch a new manufacturing operation at its HQ, which in turn could create up to 12 jobs over the next three years.
The company reported a strong demand for its machinery at the start of 2017, both in the UK and overseas. As Michael wanted to ensure the business had enough funds in reserve to handle the growth, he turned to professional advisory firm MC Vanguard.
MC Vanguard worked with West Kirby-based Bathgate Business Finance to identify a funding solution, and Bathgate business development manager Ian Adams introduced Spread-a-Bale MD Michael to Chester-based finance provider Zodeq.
Bathgate also helped in negotiations with Spread-a-Bale’s existing lenders, which culminated in a £200k invoice finance package and a £30k loan.
Ian Adams commented: “It was great to have the opportunity to help Michael find the right solution to fund the expansion plans and we are very excited by what the future holds for the business.” Read more