TMAT, the leading European manufacturer of acoustic and thermal
insulation components, has announced a £1.6 million funding
package in partnership with HSBC's Commercial Banking Team in the
Midlands. The deal, led by Senior Commercial Manager Jon Forster,
includes invoice finance, asset finance and credit card facilities
and will help the business expand further into global markets and
continue its product innovation for the agricultural, off-road and
automotive sectors.
Based in Chesterfield, Derbyshire, TMAT was subject to a
management buy-in in April 2009 that rescued the company from
administration. Today it continues to go from strength to strength
and is the only UK manufacturer to offer its customers a single
sourcing opportunity for all flooring, trim and acoustic
systems.
The company processes composites and supplies many leading
vehicle and cabin manufacturers throughout Europe, Asia and the
Americas. It also works with some of the world's biggest heavy
plant manufacturers including Case New Holland Tractors, JCB and
Volvo Construction.
Roy Harris, HSBC's Regional Commercial Director for Midlands,
said: "TMAT is looking to expand globally and needed a bank that
could support the business on a domestic and international scale.
HSBC is renowned for both its global and local connections and
we're delighted to be supporting TMAT during this next phase of
growth."
Jason Lippitt, Managing Director at TMAT, said: "Having come
from administration to recording sales of £1 million in June
alone, it's been quite a year for the company. We have turned the
business around and it's growing rapidly. The partnership with HSBC
underscores the bright future for us as a business and the
manufacturing industry as a whole."
TMAT employs over 100 people and produces items such as the life
pleasanter, which reduces noise and vibration for those working in
machine cabs in tractor and excavators.