Tue, 14 Jun 2011 | BUSINESS NEWS
Two years after rescuing acoustic lining manufacturer TMAT Ltd out of administration, its owner has celebrated recording its first £1 million month by handing out cash bonuses to every member of the 100-strong workforce.
Jason Lippitt and the team he assembled, comprising Ivan Chapman - sales manager, David Delaney - operations manager and Laura Bawden - financial controller, rescued the failing business out of administration in April 2009.
With help from growth capital firm Advent Partners and HSBC Bank, the new owners have made the company profitable, retaining the existing jobs and doubling the number of employees.
“Our first £1 million month is a great milestone for everyone to celebrate and puts us on track to meet a business plan that seemed highly ambitious two years ago when the company was on the brink of closure,” Mr Lippitt said.
“Our success and high-profile customer base is a great platform for future development in a market that provides excellent opportunities for growth.”
Based in Chesterfield, TMAT makes acoustic linings for tractors and excavators, reducing noise and vibration, making the vehicles more comfortable for people who work in them. TMAT works with Case, JCB, Terex and New Holland Tractors – some of the largest heavy plant manufacturers in the world.
Jason Lippitt is an industrial chemist with a strong manufacturing background. The new owners have set up a research and development arm that has created new polymers and other hard-wearing products.
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