Chesterfield manufacturer TMAT has secured a funding package
from HSBC worth £1.6m to help increase its product development and
global reach.
Of the funding package, £1.25m is invoice financing and
£350,000 is asset finance to purchase new factory equipment, of
which £150,000 is being spent straight away, with the remaining
£200,000 earmarked for investment in six months time.
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TMAT develops and produces high-tech bespoke insulation
products, principally for high-specification agricultural and
construction vehicles, to reduce noise and vibration and to control
heat flows. The company specialises in processing polymer, plastics
and fibrous acoustic composites, and supplies vehicle and cabin
manufacturers throughout Europe, Asia and the Americas
The business has developed from a management buy-out in April
2009, following the company going into administration, to a £9.5m
turnover enterprise growing at 20% a year and employing 115
people.
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