Irwin Mitchell Advises On The Multi-Million Pound Deal

Pressure Technologies plc, the designer and manufacturer of engineering solutions for high pressure markets, has secured a new £25m finance package from Lloyds Bank Commercial Banking.  

The funding, which comprises a £15m revolving credit facility and an uncommitted £10m accordion facility, will support the company’s plans to grow organically and through acquisitions.   

Sheffield-headquartered Pressure Technologies specialises in the development of technology that contains and controls liquids and gases in pressurised environments.  The company’s products and engineering solutions are used in the defence, oil & gas, alternative energy and industrial gases markets. 

The AIM-listed business posed a 21 per cent increase in turnover to £19.9m and a 53 per cent increase in underlying operating profit to £2.17m for the half year ending March 2014.  Earlier this year it completed the acquisition of Rotherham-based Roota Engineering and recently announced the intention to acquire New Zealand firm Greenlane Biogas.             

Alan Wilson, Chairman of Pressure Technologies, said: “We are delighted to have secured these new facilities on competitive terms, which provide Pressure Technologies with further capacity and firepower to support the growth of the Group, both organically and through acquisition.”

Martin Beckett and Saranjit Lall from Lloyds Bank’s Strategic Finance team and Lee Bloodworth from the Mid Markets division advised on the refinance. 

Martin Beckett, Regional Director for Lloyds Bank’s Strategic Finance team in the North, said: “Pressure Technologies continues to deliver strong revenue growth and its  management team are skilled at identifying and integrating new businesses into the wider group.  We have a long standing relationship with the business and are very happy to provide financial support for their growth plans.” 

Dean Gormley, Hayley Johnson, Laura Mitchell and Emma Cowell from Irwin Mitchell acted for the Bank.

Expert Opinion

Pressure Technologies is a leader in its field and this £25m finance package will support its future growth plans. We are delighted to have worked with Lloyds Bank Commercial Banking on this deal and wish the business a successful future.” Dean Gormley - Partner