‘It’s an honour to be taking over the business and I hope one day to pass on the legacy to my own sons’
Pictured L-R Rebecca Pickering (Mercia), Sarah Newbould (British Business Bank), Andy Kirby (Managing Director- East Yorkshire Hydraulics Ltd)(Image: Shaun Flannery Photography Ltd)
A family firm in Hull established almost 50 years ago is looking to the future after being acquired by the son of one of the founders. East Yorkshire Hydraulics, based in Harpings Road, was founded in 1979 and designs, installs and repairs hydraulic units which are used in a number of industries.
Over the years the business has grown to serve customers from steelmaking and aerospace to power generation companies, and it is also a service centre for accumulator inspection and certification. The business, which currently employs 18 staff, has now sealed a six-figure loan from the NPIF II – Mercia Debt Finance, which is managed by Mercia as part of the Northern Powerhouse Investment Fund II (NPIF II), to support its growth following a buyout deal.
The buyout gives control of the business to Andrew Kirby, who started work with the company over 35 years ago by helping out in the school holidays. Andrew’s father Barrie Kirby and fellow engineer John Williams launched the firm in the 1970s, and this deal allows Mr Williams to retire from the business. Meanwhile, Barrie Kirby will remain in a part-time role.
The funding will also boost the company’s working capital and enable it to invest in new machinery.
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Andrew, managing director, said: “East Yorkshire Hydraulics has built a track record for expertise and reliability. It’s an honour to be taking over the business and I hope one day to pass on the legacy to my own sons.
“Demand for hydraulic systems has increased in recent years as high energy costs encourage businesses to improve efficiency by replacing older hydraulic systems. We have also won new work after Brexit as companies have sought out UK suppliers.
“The business is now well placed across all sectors and the loan will help us to move forward and target new areas such as renewable energy.”
Rebecca Pickering of Mercia Debt added: “Barrie and John have built a respected and profitable business over the years and Andrew, who himself has years of experience with the company, is ideally placed to take over the reins. We are pleased to support it as it enters an exciting new chapter in its history.”
Sarah Newbould, Senior Investment Manager at the British Business Bank, said: “Through NPIF II, we’re pleased to support the next stage of East Yorkshire Hydraulics’ journey, helping to preserve a successful heritage family business while enabling continued investment in its people and long-term growth.
“Advanced manufacturing plays a vital role in driving innovation and regional economic prosperity, and this investment reflects NPIF II’s commitment to supporting businesses that contribute to the UK’s Modern Industrial Strategy and strengthen the country’s industrial base.”
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