ABL helps springs manufacturer thrive - Hanson Springs.

 

We visited the Hanson Springs factory and met Malcom Hanson and his son John Hanson. They told us why community values are key to their success and how Close Brothers is helping them to thrive.

 

Video transcript

Malcom Hanson, MD at Hanson Springs
It's a way of life more than a business. I cannot see myself retiring and not coming to work. I don't come for the money, I come for the enjoyment.
I'm Malcom Hanson, I'm the Managing Director of Hanson Springs. I started the company when I was 18, and we've been going for 55 years. We manufacture precision springs and we are the world's number one for safety and safety-relief valve springs.
When I started courting with my wife, I used to collect her from college at nine o'clock, with springs in the car, delivering them to a customer's house at night after. Those were our courting days, delivering springs. My wife sometimes tells me, 'You're married more to Hanson Springs than you are to me', but that's not true.
John Hanson, FD at Hanson Springs
The business to me is my Dad's dream. He started it 55 years ago and it's up to us to keep that dream going. When the business does well and thrives, as it is at the moment, yeah, it makes our life easier. 
There's 240 people working here, that's probably half the spring makers in Rochdale. Probably half the spring makers in the North of England.
They're friends outside work. You know their kids, you know their grand-kids. You know, they have kids at the schools that our kids go to.
It's important to us that we help the community because, you know, I was born in Rochdale, my parents were born in Rochdale. We want to spend the rest of our lives here, and we want Rochdale to be successful.
Malcom Hanson, MD at Hanson Springs
Seeing the business expand, and achieve what we've achieved, gives us great pride and we want to continue that, and that's one way Close Brothers have become a very integral part of our expansion plans.
John Hanson, FD at Hanson Springs
Close Brothers is helping Hanson Springs thrive by providing the working capital finance that we need to run the business. 
Our main operating issue is cash flow, so we have an invoice discounting facility with Close Brothers, but what they'll also do is a stock finance facility, so we hold about six months relative of stock on-site which is the biggest number on our balance sheet, and it's not funded by mainstream banks.
Malcom Hanson, MD at Hanson Springs
To lead this company now, to expand as we are doing and to be a market leader, it's a very proud moment, part of our life.
John Hanson, FD at Hanson Springs
Close Brothers have a more open view on the different facilities they'll offer a business such as ours. We see Close as partners for us going forward. We want to grow the business, we want to spend money on capital equipment, put the automation that we want to grow the turnover, and by growing the turnover, the working capital requirements will increase as well, and we think Close Brothers will support us in that end.
To thrive, to me, it means that we all as a family go home happy, it means all our customers get the springs on time and the springs are right, it means all our suppliers have been paid and are happy, and the most important, our staff are all happy and have good lives.
I think we're definitely thriving at the minute. 
Hanson Springs

 

 

 

Invoice finance