A Huddersfield manufacturer is on track for double-digit growth after kickstarting a multi-million-pound expansion plan.
Hystat, founded in 1976, produces hydraulic and pneumatic cylinders, accumulators and actuators. Primarily supplying to the oil and gas sector, it also provides parts to organisations across the renewables, nuclear, civil engineering and rail industries, and is actively supporting its oil and gas customers in their transition to greener energy alternatives.
Last year, the business acquired Washington-based Cylinder Service Centre (CSC), which helped to broaden the firm’s offering with its specialisms in hydraulic cylinder repair.
Since the buy-out, Hystat has enjoyed rapid growth, with turnover on track to increase 60% from £7.5million to £12million year-on-year. It has also boosted headcount from 96 to 110 across its Huddersfield and Washington sites.
And now, with the support of a £1.2million loan from Lloyds Bank, Hystat is preparing to purchase CSC’s currently rented premises, helping to pave the way for further expansion at the site, and bring key operations, such as boring and holing services, in-house.
Simon Wadsworth, Managing Director at Hystat, said: “Our products are playing an increasingly critical role in supporting the transition to green and renewable energy sources, meaning it’s important that we continue exploring opportunities to expand and diversify our offering.
“Through this purchase, and through the additional financial firepower it lends us, we can ramp up activity across key services and significantly grow our output, helping us to support engineering best practice across a growing customer base.”
Lloyds Bank has supported Hystat for more than two decades, previously providing hire purchase facilities to enable investment in new tooling and equipment.
Allie Butterworth, relationship director at Lloyds Bank, said: “Simon and his team have built Hystat into the UK’s leading manufacturer of hydraulic equipment. Growing steadily over the years, the business is now ideally placed to consolidate its market share, with its investment allowing it to free up additional cashflow and focus on expanding organically.
“We look forward to continuing to back the team’s ambitions in this next phase of their journey.”