Ewan Lloyd-Baker, CEO of Hayward Tyler, said: “We are greatly encouraged by the progress we continue to make in our core markets both domestically and internationally, which allows us to proceed with our expansion plans with confidence.”
Hayward Tyler is currently expanding its main manufacturing facilities in Luton, UK. The expansion, which started in December 2014, will increase the Luton's factory’s footprint by around 40%, enhance the group’s capabilities in the civil nuclear and subsea oil & gas markets, and result in a potential doubling of capacity.
The pump company has recently established a £3.0 million secured loan note programme. The first issue has raised £1.635 million before costs and will support the first phase of the development of the Luton business. A second issue is expected to take place by summer 2015 to match the expenditure profile of the company’s expansion plans.
Hayward Tyler is also using a £3.5 million Regional Growth Fund grant for the expansion.