A specialist manufacturer is on track to double turnover within five years with a six-figure cash injection helping to turbocharge organic growth.
Wath Group is a designer and manufacturer of jet wash hoses, control equipment and cabling, and trace heating solutions. Founded in 1980, the family business has evolved from supplying primarily to the mining industry, to supporting a broad range of sectors including automotive, renewable energy, consumer electronics and pharmaceuticals.
Through its specialist safety and security brand, SecurEx, it also provides products for use in hazardous and explosive environments. And, it recently partnered with Hogen Systems to develop a pioneering Atmospheric Water Generator (AWG) that produces clean drinking water from the atmosphere.
A key local employer, it currently employs 40 staff at its HQ in Rotherham. Over the past few years, turnover has grown steadily from £2.6m in 2017, to £5m in 2021. And now, with the support of a £308,700 hire purchase facility from Lloyds Bank, Wath Group is investing in two new HAAS Machining Centres – highly-specialist automated cutting tools – and is on track to double turnover to £10million within five years.
Matt Bedford, director at Wath Group, said: “Over the last 40 years, Wath Group has transformed from a small supplier to a major producer. We pride ourselves on our adaptability, working to tailor and expand our offering to meet market demand and support a growing range of sectors – and this investment is the latest step in our expansion strategy.
“With the Bank’s support, we can continue to grow organically by bringing in new, state-of-the-art equipment and machinery to boost production across all of our core product ranges, as well as find new opportunities to innovate and partner with other organisations on ground-breaking projects.”
Ben Cutts, relationship director at Lloyds Bank, said: “Wath Group’s track record speaks for itself – it is a team that has never shied away from new avenues to growth, helping them remain a key player in a market that is constantly evolving.
“As their partners for over two decades now, we are excited to remain by their side in this next phase of expansion.”
The transaction was led by Ben Cutts and Lee Mcallister, regional manager at Lloyds Bank.