A Wirral firm that makes high-speed boats for the police and armed forces has won a £6m funding package from NatWest to help it meet record demand.
Marine Specialised Technology (MST) Group, of Bromborough, designs and makes high speed and rigid inflatable boats (RIBs) used by coast guard, special forces, law enforcement, paramilitary, and industrial services.
The group already employs 135 people and is now planning to grow as demand continues to soar for its bespoke vessels and for the training services it offers. NatWest says the funding package “will allow the business to manage working capital requirements as it looks to fulfil a record order book”.
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MST Group was founded in 2002. It marked its 20th anniversary in 2022 by delivering its 500th boat worldwide, and by delivering its largest craft to date – HMS Cutlass and HMS Dagger – to the Royal Navy Gibraltar Squadron.
MST Group moved from Liverpool to Bromborough in 2023. Last year it won a Silver Award under the Defence Employer Recognition Scheme for its work supporting veterans and reserves in its workforce.
The group has supplied vessels to global organisations including the Dutch Materiel and IT Command service and the German Coast Guard.
In October, MST Group launched its latest military-grade, Fast Interception Craft (FIC) Range, developed alongside fellow marine group BMT.
Sales director Philip Hilbert said: “We are very proud to deliver the Fast Interceptor Craft range to the market which will allow global Armed Forces to remain at the cutting edge of capability and border security.
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“This contract reflects the persistent dedication our team puts in and highlights the growth MST is actively undergoing, whilst reinforcing our position as a world-leader in the design and manufacture of military craft.”
Last December MST Group delivered an interceptor craft to the Carabinieri Special Intervention Group, the special forces unit of Italy’s Carabinieri military and policing force.
As well as its design and manufacturing services, MST Group also offers maintenance, repair and upgrade services to its clients.
Ben Kerfoot, group managing director of MST Group said: “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.
“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 said: “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.”