£230k finance package for farm machinery specialist
A Cheshire-based based farm machinery specialist is targeting overseas expansion and a new factory after raising a £230,000 finance package with help from MC Vanguard.
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.