First publishedon www.AggBusiness.com
After a record sales year in 2017, Global Equipment Spares (GES) is targeting increased export-led growth after raising £800,000 of new funding.
The funding from Santander Business Banking is in addition to £1.5million in financing from the bank. Northern Ireland-based GES manufactures and supplies abrasive wear plates and special steels for the global mining, construction, agriculture and recycling industries.
Established in 2010 by managing director John McClenaghan and sales director Barry O’Neill, GES is forecasting upwards of 50% revenue growth year-on-year for 2018. The business, and its wholly-owned subsidiary Sharp Screening Products (SSP), currently employs 85 staff and plans to increase the number of employees as the firm expands internationally.
Northern Ireland is a recognised centre of excellence for mobile crushing machines. The GES business has a large number of manufacturing and engineering clients including Terex, McCloskey International, Sandvik, Tesab Engineering, Astec Industries, Kuhn Agri and Kleemann.
GES says it is now targeting additional international trading opportunities including growth in export markets such as the US and Europe. It adds that it will benefit from Santander’s extensive global network and competitive online currency offering.
O’Neill said: “With the support from Santander we will be able to expand further into international markets, in particular Germany and the US, and will be able to fulfil our growth aspirations by increasing our employment figures. The funding has also allowed us to free up cashflow while continuing to invest in plant equipment and Research & Development.”
Ryan Murphy, business relationship director for Santander Business Banking, said: “We are delighted to support Global Equipment Spares as they target international growth in the manufacturing sector. We will be able to combine our country specialists, who have deep local knowledge of the markets GES want to target, with our manufacturing sector experts to provide a solution to help GES expand internationally and exceed its ambitious growth targets.”