29/09/2014

Expansion specialist with expansion plans only natural for Teddington

Lewis Hamilton and Mercedes F1 use this Welsh company's products. So did HRH Prince William and the RAF, and if you ever fly Airbus down to Dubai, you'll transit through DXB airport and maybe take the Dubai Metro to arrive at the Burj Khalifa tower (the world's tallest building), you will have been accompanied by Teddington bellows the whole way.

Teddington Engineered Solutions Ltd, the designer and manufacturer of bellows and expansion joints based at Dafen Industrial Estate, Llanelli, has just completed a MBO supported by Barclays and Finance Wales.

Established in 1927, the company currently employs over 100 staff, exports in excess of £10 million annually and forecasts double-digit sales growth in 2015.

Paul Greenwood, Managing Director at Teddington Engineered Solutions Ltd, who was part of the original MBO team in 2003 said, “We are a Welsh based business at the forefront of global hi tech precision engineering with products sent to over 90 countries across the globe. We design and manufacture bellows and expansion joints which are used across a range of industries from aerospace to nuclear power. You can  find our products in steel plants and refineries or F1 engines and submarine escape systems. Under the new management team we plan to grow the business and create a further 10 jobs within the next 18 months. I am indebted to Barclays Bank, as well as Finance Wales, Carmarthenshire County Council, JCP Solicitors and Bevan & Buckland Accountants who have all worked with me to get this deal over the line in an eight week period.”

Kath Whitrow, Relationship Director for Barclays said, “Teddington are new clients to Barclays as a result of this transaction, demonstrating that working closely and really understanding the business,  we could provide the support and relationship to support them not only through this transaction, but their growth plans too. This is an indigenous Welsh business, growing in a competitive sector, looking to expand and create vital jobs to local communities.”

Paul Greenwood, Managing Director at Teddington Engineered Ltd, continues, “The quality and extended life of our Welsh-engineered product enables us to compete across the globe, even in price sensitive markets like India and China. We have ambitious growth plans through acquisition and organic growth over the next ten years. The workforce has embraced the change and shares our passion and vision to develop and grow this locally based manufacturing world leader.”

Finance Wales Senior Investment Executive, Alun Thomas commented on the deal. “It is great to see a Welsh engineering company like Teddington firmly establishing itself at the forefront of bellows and expansion joint manufacturing through an impressive list of international clients.”

“Supporting business succession in Wales is important for establishing the next generation of Welsh businesses owners and Finance Wales is pleased to back Teddington’s ambitions to secure future growth and job creation through its MBO.”