TMAT to grow with £1.6m investment
Chesterfield manufacturer TMAT has secured a funding package worth £1.6m to help increase its product development and global reach.
TMAT, which specialises in manufacturing acoustic and thermal insulation components, obtained the funding from HSBC's commercial banking team in the Midlands.
The deal includes invoice finance, asset finance and credit card facilities and will help the business expand further into global markets and continue its product development for the agricultural, off-road and automotive sectors.
TMAT was subject to a management buy-in in April 2009 which rescued the company from administration.
The company, which employs about 100 people, processes composites and supplies vehicle and cabin manufacturers throughout Europe, Asia and the Americas.
Jason Lippitt, managing director at TMAT, said: "Having come from administration to recording sales of £1m 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."
