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Maxflow: working with UK Export Finance to boost working capital and explore growth opportunities
After rapid growth put pressure on the Northern Irish business’s cashflow, it reached out to UK Export Finance and Ulster Bank for support.
Over 25 years, Maxflow Power Products has built a reputation as a specialist in the manufacture of domestic and industrial pressure washers, generators, and accessories. Based in Northern Ireland, the company stocks the largest selection of power products – upwards of 400,000 parts across 8,000 lines – across the UK and Ireland.
The challenge
In the five years the business has quadrupled in size. That rapid expansion included a push into new export markets as demand from international customers increased.
Historically, part of Maxflow’s appeal has been its wide range of stock. It’s gained significant market share because, instead of quoting lead times of six to 12 months for products, Maxflow can dispatch them immediately.
With such a fast pace of growth, the business started to experience cash flow challenges. Maxflow needed support with working capital to continue to invest in stock to further its growth and to build a new factory which would streamline operations and boost efficiency.
The solution
Maxflow is now accelerating its growth with a finance package issued by Ulster Bank and guaranteed by UK Export Finance (UKEF), the government’s export credit agency.
The UKEF General Export Facility (GEF) scheme helps SME exporters from all sectors access more working capital and scale up their operations.
In the last financial year alone, small and medium businesses accessed over £576 million in working capital loans through the GEF. Maxflow’s deal marks the first time Ulster Bank and UKEF worked in partnership to issue a trade loan facility for a Northern Ireland business.
The impact
Maxflow’s leadership team will now be able to cope with cash flow challenges, maintain high stock levels, and reinforce its reputation as a reliable supplier in a competitive market.
There are plans to expand the current team of 25 and the business expects to finish phase one of the new factory build in 2025. This facility will further support Maxflow’s long-term ambition to be a market leader in industrial power product solutions, both domestically and internationally.
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.
Support for your company’s general export business activities
Designed with SMEs in mind, our General Export Facility provides guarantees to lenders where finance is not tied to specific export contracts. It covers a range of facility types to support a company’s general exporting activities.