A leading designer and manufacturer of high speed and rigid inflatable boats (RIBs) primarily for military, coast guard and law enforcement sectors has secured a £6m funding package from NatWest.
Merseyside-based Marine Specialised Technology (MST Group), which has around 135 staff, is now expanding to meet record demand.
The £6m funding package will allow the business to manage working capital requirements as it looks to fulfil a record order book and increased demand for its products and training services.
MST Group’s vessels provide enhanced operational capabilities to perform effectively in challenging environments.
The firm works closely with clients during the development process to understand their specific needs before any manufacturing begins.
“We are extremely pleased to be working with NatWest, who has created this major funding package for us in an efficient, thorough, and flexible manner,” said Ben Kerfoot, group managing director of MST Group.
“Working in a specialist industry as we do, NatWest really took the time to understand our business, and we look forward to having this enhanced financial capability to scale our operations and meet rapidly accelerating demand. This is a milestone moment for us.”
Daniel Hyland, relationship manager at NatWest, added: “We are delighted to be providing this £6m funding package to MST Group.
“We were impressed by its hi-tech, bespoke approach to serving clients, including crucial defence and search-and-rescue forces internationally, and the team’s significant potential for growth. We look forward to continuing to support them on their journey.”