Case Study – Waterjet Industries Ltd
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Plymouth-based Waterjet Industries re-financed their state-of-the-art machinery to raise £80,000 with Henry Howard Finance to complete a management buyout.
Launched in 2007, Waterjet Industries aims to be the first choice for any water cutting requirements. A waterjet is an industrial tool that’s capable of cutting a wide variety of materials using high pressure water. With two precision waterjet machines, Waterjet Industries work with businesses in numerous sectors including aerospace, automotive, marine, oil and gas, power generation and precision engineering.
Waterjet cutting technology is also more environmentally friendly than traditional precision cutting technology as there are no noxious gases or liquids used, nor hazardous vapours.
Daniel Stanley, Managing Director at Waterjet Industries, had managed to personally raise some of the funding he needed to complete the management buyout but needed a further injection of cash to get it over the line, and this is where the team at Henry Howard Finance were able to lend a hand. Daniel chose to re-finance his two waterjet cutters as collateral for the loan. He said, “Without the additional cash, I’d still be talking about a buyout today – this loan enabled me to take my business to the next level.
“I contacted a number of business finance providers but Henry Howard Finance offered me the highest value on my machinery and gave the quickest decision. The whole process was made very easy and having an account manager at the end of the phone really helped. They also sent their local relationship manager out to the premises to discuss the options available to me, which was fantastic.”
Now, as sole managing director at Waterjet Industries, Daniel aims to expand his business through operating the machinery 24 hours a day and seven days a week. This means that he can ultimately take on more business and recruit more staff.
Matt Jones, Head of Asset Finance at Henry Howard Finance, said, “Waterjet Industries proves that it’s not just start-ups who need additional funding. As a business that’s ten years old, it needed a loan to help take the business onto the next chapter. As Daniel says himself, without the cash injection from Henry Howard Finance, he would still be in limbo today.
“Daniel clearly has big ambitions for the future of the company and was happy to release some of the value from his machinery to enable his ambitions – without having to compromise cashflow.
“We pride ourselves on our flexibility when it comes to helping with finance solutions – all of our customers have a dedicated account manager to help them through the process, and, if needed, are happy to attend face-to-face meetings to talk to you in person about your requirements.”
For more information on Henry Howard Finance please contact 01633 415222, or visit www.henryhowardfinance.co.uk.