A Huddersfield manufacturer is on track for double-digit growth after kickstarting a multi-million-pound expansion plan in the North East.
Hystat, a producer of hydraulic and pneumatic cylinders, accumulators and actuators, is playing a key role in helping the oil and gas industry in its transition to greener energy alternatives.
In 2020 the 45-year-old business acquired Washington-based Cylinder Service Centre, which helped to broaden the firm’s offering with its specialisms in hydraulic cylinder repair.
Read more: £10m City investment secured by Saltend magnet metal plant developer Pensana
Since the buy-out, Hystat has enjoyed rapid growth, with turnover on track to increase 60 per cent from £7.5 million to £12 million. It has also boosted headcount from 96 to 110 across both sites.
Now with the support of a £1.2 million loan from Lloyds Bank, Hystat is preparing to purchase CSC’s rented premises. It will pave the way for further expansion, allowing it to bring key operations, such as boring and holing services, in-house.
Simon Wadsworth, managing director, 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.”
As well as oil and gas, Hynet provides parts to organisations across the renewables, nuclear, civil engineering and rail industries
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, 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.”
