Rendlesham: Middle East order boosts pump firm Amarinth
A SPECIALIST pump manufacturer based in Suffolk is taking on four new employees after winning a new �2.5million contract.
Amarinth, based on the Bentwaters Parks industrial estate at Rendlesham, near Woodbridge, produces bespoke high specification pumps used in the oil and gas and petrochemical industries, with around 70% of its products being sold to overseas customers, in regions markets including the Middle East, Russia and Australasia.
The company approached its banking partner Lloyds TSB Commercial to provide a working capital facility to enable it to win and take on several new international contracts, including a �2.5m deal to supply a large petrochemical producer in the Middle East.
Oliver Brigginshaw, managing director of Amarinth, said: “Trading with our international customer base poses all kinds of financial issues, and no two customers or regions have the same requirements.
“It’s essential that we have a banking partner that understands the demands placed on us by our customers and one that can offer innovative solutions to allow us to manage our cash flow whilst continuing with our growth and ultimately meet our customer’s expectations.
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“When we approached Lloyds TSB Commercial for the funding we required to take on these contracts, they were immensely supportive in their approach to providing a lending package that met our specific needs.”
Mr Brigginshaw founded Amarinth in 2003 together with Steve Buckley following the closure of local company Girdlestone Pumps where they both worked.
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Having started by employing 10 former Girdleston colleagues, Amarinth now has a workforce of more than 40 and the company is currently in the process of recruiting an additional four staff to assist with the increase in demand.
Neil Sargent, relationship director with Lloyds TSB Commercial, said: “Manufacturing businesses are vitally important to the UK economy, and it’s encouraging to see that Amarinth are continuing to grow in what remain challenging economic conditions.
“Amarinth required a tailored lending package that would allow them to take on large contracts that require a considerable outlay, and it’s good to see that they have also been able to invest in more staff locally.
“Our teams of relationship managers are able to offer a wide range of funding options to our business customers tailored to their specific needs, including working capital facilities, and our local managers have the authority to agree lending up to �500,000.”