Maxflow Power Products, a Northern Irish manufacturer of industrial pressure washers, has secured a finance package from Ulster Bank guaranteed by UK Export Finance (UKEF) to expand its operations and enter new export markets.

Maxflow completed a multi-million pound management buy out (MBO) last May with the support of the bank and the UK government's export credit agency, which the company said had facilitated better management of cashflow-related challenges associated with scaling operations and meeting customer demand.

The firm is now able to maintain high stock levels to ensure availability and improve its reputation as a reliable supplier and create new revenue stream from exports.

Ryan Wylie, managing director of Maxflow, commented: "Expanding into new geographical markets is a transformative step for Maxflow, and the support from Ulster Bank and UK Export Finance has been crucial in helping us seize this opportunity.

"The ability to manage cash flow effectively while maintaining high stock levels has allowed us to meet the demands of this new market and position ourselves for sustained growth.”

This is the first time that Ulster Bank and UKEF have worked in partnership to issue a trade loan facility to a Northern Irish business, and the loan is guaranteed through UKEF's general export facility (GEF), a product to help SME exporters to access working capital to scale.

Through the GEF scheme, SMEs accessed over £576m in working capital loans in the last financial year. “We are proud to support Maxflow as they build on their success," said Liz McCrory, export finance manager at UKEF.

"UKEF’s collaboration with Ulster Bank in this working capital finance deal is a prime example of how our General Export Facility can boost the confidence of SMEs in Northern Ireland to achieve their growth ambitions and venture into new export markets.”

Maxflow has also committed significant investment to a new factory in Cookstown, Co Tyrone that is currently under construction, with the first phase to be completed this year.

The new facility will consolidate operations, streamline logistics, and enhance efficiency to support Maxflow's long-term growth plans. The firm employs 25 people and expects to add jobs with the opening of the factory.

“We’re proud to support Maxflow as they take this exciting step to expand their operations into new export markets. This milestone highlights the importance of providing businesses with the right financial tools to achieve their growth ambitions," said Leona McNicholl, senior relationship manager at Ulster Bank.

"Ulster Bank remains committed to supporting Northern Ireland’s businesses, helping them seize new opportunities and grow and this is very evident in the level of support provided to Maxflow in their growth plans through working capital facilities as well as supporting the recent MBO.”

Maxflow Power Products, which traded until 2021 at CBD Powerwashers, reported profit and loss reserves of £3.1m at the end of February, an increase of €734,500 from the prior financial year.

Photo: (l-r) Ryan Wylie and Leona McNicholl. (Pic: Supplied)