HVR International

Manufacturing growth opportunities

HVR International secures future in the North East with bank investment

A specialist electrical components manufacturer in Jarrow, HVR International is a leading producer of high-voltage and high-energy ceramic carbon linear resistors used in electrical switches for customers including Siemens, Alstom, ABB, GE and Hitachi.

HVR’s products are exported worldwide and have uses as varied as wind turbines, medical science and in the laboratories of the research agency European Organization for Nuclear Research, CERN.

With two smaller divisions in Birmingham and Germany, the company currently employs 120 members of staff and has a combined turnover of around £13 million.

Keeping production going

When two of the company’s directors decided to retire, the two remaining directors, Kevin McLaughlin and Stephen Elliott, agreed that they wanted to maintain responsibility for the business, but needed to raise the required funds to complete a management buy-out.

Support for HVR International

Lloyds Bank Commercial Banking worked with the partners to provide a finance package that would help to sure up the business’ future. Stephen Elliott said: “This investment will give us a great foundation to build upon in the coming year. We’ve seen steady growth in recent years which is something that we’re looking to drive going forward.”

Don O'Henly, specialist manufacturing relationship director for Lloyds Bank Commercial Banking, said: “HVR International has an outstanding reputation globally as a producer of high quality electrical components, which is a credit to the whole company.”

It’s great to see regionally-based SMEs like this competing and winning against international competition, reflecting both the high standards of their work and business acumen.

Don O'Henly, specialist manufacturing relationship director for Lloyds Bank Commercial Banking

Support for HVR International

Commitment to SMEs

Lloyds Banking Group remains committed to supporting manufacturers across the UK to help them seize growth opportunities when they appear, and have trained more than 100 managers in partnership with the University of Warwick, the EEF and the Manufacturing Technologies Association, to be able to provide specialist guidance to businesses in the manufacturing sector.

As part of the 2014 SME Charter, it was revealed that Lloyds Bank Commercial Banking will boost its support for exporters, by increasing trade finance lending, used by businesses when exporting across the globe, by 25% in 2014.

Footnotes
  1. HVR International