Plymouth-based Waterjet Industries (www.waterjet.co.uk), a water-jet cutting sub-contractor, has raised £80,000 with the support of Henry Howard Finance to complete a management buy-out (MBO).

With two precision water-jet machines at its disposal, the company can cut a wide variety of materials for customers in numerous sectors, including aerospace, automotive, marine, oil and gas, power generation and precision engineering.

Managing director Daniel Stanley managed to personally raise some of the funding he needed for the MBO but needed a further injection of cash to get it over the line, so he turned to Newport-based Henry Howard Finance plc and chose to re-finance his two water-jet cutters as collateral for the loan.

He said: “I contacted a number of business finance providers, but Henry Howard Finance offered me the highest value on my machinery and gave the quickest decision. They also sent their local relationship manager out to the premises to discuss the options available to me, which was fantastic.”

Now sole managing director, Mr Stanley aims to expand the business by operating the machinery 24/7. This means that he can ultimately take on more business and recruit more staff.

Matt Jones, head of asset finance at Henry Howard Finance, said: “Waterjet Industries proves that it’s not just start-ups that need additional funding.

“As a business that’s 10 years old, it needed a loan to move on to the next chapter. Daniel clearly has big ambitions for the future of the company.”