Forklift company boosted by buy-in thanks to Finance Wales
A Flintshire-based forklift truck specialist has benefited from
a recent management buy-in thanks to a loan from Finance
Hannaman Material Handling, formerly Hannaman
Engineering, is a forklift truck services company specialising in
hire, lease, sale and repairs.
The business is based in the Deeside
Enterprise Zone, fast becoming a centre for advanced manufacturing
and technology excellence in Wales.
A loan from Finance Wales has enabled local
businessman, Steve Downey to undertake a management buy-in of the
“Hannaman started out as a family run business
38 years ago. Today it has an impressive customer base as well as
an excellent trading history. Key to this longevity has been its
excellent reputation which has been built up by ‘word-of-mouth’
over the years.
“With Finance Wales’ backing we are now in the
exciting position to drive the business forward with a new growth
strategy. This includes expanding our supplier base of forklift
truck and industrial floor care equipment manufacturers and moving
into new products and services in fleet management systems,
racking solutions and training.”
“Being based in a manufacturing hub like the
Deeside Enterprise Zone is an ideal location for us and we’re keen
to make the most of new opportunities throughout Wales and in
particular the Deeside and Wrexham areas as well as from our
existing client network,” explained Downey.
Finance Wales Investment Executive, Rhodri
Evans structured the investment. He said:
“The succession of a management team is always
crucial to the long-term growth of a business. Hannaman Material Handling has
a long and proud history in its sector and this buy-in signals a
new exciting chapter for the company.
“Finance Wales was happy to back Steve Downey
for the succession. With a background in manufacturing and detailed
knowledge of the company beforehand, he has all the right skills
and experience to successfully drive the business forward and
achieve its growth potential.”
As an SME in one of Wales’ Enterprise Zones
the company was eligible for a two per cent interest rate reduction
on their repayments.
The scheme, which is available to eligible
SMEs until further notice, applies to loans from the Wales JEREMIE
Fund, Wales SME Investment Fund, the Wales Micro-business Loans
Fund and the Wales Capital Growth Fund.
Welsh SMEs located in or willing to move an
enterprise zone can also benefit from reduced business rates and
Information on the seven enterprise zones an be accessed at:
Businesses considering locating to a Welsh Enterprise Zone
should contact the Welsh Government on 03000 6 03000 or by e-mail
SMEs wishing to apply for investment should
contact Finance Wales on 0800 587 4140, e-mail email@example.com or