The pump and motor manufacturer says that the development of the Luton site is on track and on budget. The extended facility, which is expected to be fully operational by July 2016, should increase throughput, cut lead times, reduce working capital and enable Hayward Tyler Luton to double its capacity.
During the last six months, Hayward Tyler has demolished eight redundant buildings at the Luton site, completed the foundations for the building extension and started the construction of the test bays partly funded by the first issue under the programme.
Ewan Lloyd-Baker, CEO of Hayward Tyler, said: “The expansion of our Luton operations, and the creation of a Centre of Excellence within the group at the location, forms a central component to our on-going growth plans. We are therefore delighted by the support received from institutional and high net worth investors through the programme.”
London-based corporate finance and investment advisory firm Lesmoir-Gordon, Boyle & Co Ltd acted as arranger and placement agent for the loan note programme.