Hanson Springs secures growth funding

Specialist spring manufacturer Hanson Springs has received a £5million funding package from Yorkshire Bank after recording growth of more than 50 per cent in three years.

The Rochdale-based company – which marks its 50th anniversary this year – increased turnover from £15m in 2009/10 to £23m in the current financial year.

The new funding package – along with an additional £500,000 credit line from Yorkshire Bank – will help Hanson Springs drive an ongoing expansion strategy that will see turnover reach £30million and create 50 new jobs over the next three years.

Half of the £5million funding has been used to acquire a new 90,000 sq ft facility in Rochdale, with the remainder earmarked for purchasing custom-built spring-making equipment to kit out the new production unit. This will complement the firm’s existing facilities, comprising 90,000 sq ft, on two sites in Greater Manchester.

The business manufactures springs for various types of industrial valves and distributes its products globally to multinational organisations in the oil and gas, power and chemical industries.

The family-run firm, which currently employs more than 175 people, was established in 1963. As well as its operations in Rochdale, the business has a distribution warehouse in Dallas, Texas and a sales office in Milan, Italy.

John Hanson, finance director, said: “The recession hit us hard in 2009/10, but in recent years we’ve been able to grow because we export 80 per cent of our production and almost all of the remaining 20 per cent eventually leaves the UK as finished products. Although growth in emerging economies has slowed, it’s still very strong compared to developed economies.” 

Mr Hanson added: “We’re very much a family-managed business, which makes us agile and responsive. As well as myself, my dad Malcolm is the managing director, and my sister, Lisa Jenkinson, is head of strategic purchasing.

"Andrew Frizzell at Yorkshire Bank fits in well with this personal approach. He’s locally based and in many ways his role is that of a traditional bank manager who knows us all as individuals.”

Andrew Frizzell, partner, at Yorkshire Bank’s Bolton-based Business and Private Banking Centre, said: “Hanson Springs is a great company to do business with and this latest funding deal underlines our commitment to helping them to continue along their impressive growth trajectory. I’m confident the business will enjoy further, significant successes in the near future.”