Muehlhan secures loan for expansion
Britain’s marine surface protection company is planning further expansion from its base in Aberdeen after securing new banking facilities from Clydesdale Bank.
Muehlhan Surface Protection Limited began trading in 2003 and is 100% owned by Muehlhan AS, a German quoted company with around thirty businesses operating worldwide and employing more than 2,000 people. Muehlhan operates in the oil and gas/resources sector, and offers services including surface protection, insulation, scaffolding, rope access, fabrication, consultancy engineering and inspection.
A new bank customer, Muehlhan has secured £3.9 M ($6.5 M) facilities from Clydesdale Bank’s Business and Private Banking Centre in Aberdeen. The deal was delivered by business development manager, Andy Tait.
Jim West, director at Muehlhan said: “This significant financial commitment will help us to extend our reach in a sector we have been established in for more than a decade. We currently have ambitious growth targets which our dedicated team will help realise. We offer a personalised service and can react quickly to changing conditions – a fact which makes us stand out from our rivals. Our current focus would not have been possible without the support of Clydesdale Bank which has worked closely with our team to help us realise our ambitions.”
Muehlhan is expected to enter a sustained period of growth in the next five years with the company looking to increase its customer base. Muehlhan is a strong business with a turnover in the last financial year of £9.6 M ($16 M) with post-tax profits of £890k ($1.487M). In the future, they are expecting strong annual growth of 20% per year which, could create up to 120 posts created in the next three years.
Stephen Hepburn, Head of Clydesdale Bank’s Business and Private Banking Centre in Aberdeen, said: “The success of Muehlhan is a testament to the experience, drive and expertise shown by the management team, and represents all that is good about the entrepreneurial spirit of businesses in the North East. As we begin to see signs of economic recovery, Clydesdale Bank remains focused on investing in the growth ambitions of the local business community.”