Recent asset finance deals aiding the UK SME community
A low down of recent asset finance deals.
Bibby Financial Services
Bibby Financial Services (BFS) has provided a £2.6m invoice discounting funding facility to Morris Line Engineering, an engineering business with two brands – Morris Line Engineering (MLE) and JW Morris.
The funding package will support the Morris Line management team in further developing its products and markets by providing instant access to cash tied up in outstanding invoices, whilst enabling the team to focus on the day-to-day running of the business.
“We are really excited to work with the team at Morris Line Engineering Holdings as they look to transform their business. We worked closely with the company to ensure we could provide a tailored and flexible invoice discounting facility, which will help to ensure the business can grow in line with its sales.”
Maxine Hennessy, corporate manager of Bibby Financial Services
Santander Business Banking
Santander Business Banking has provided £50k asset finance funding to Axminster-based Axe Skip Hire for a 7.5 tonne DAF lorry.
Axe Skip Hire will also add a second lorry later in 2019 through the expansion of the asset finance provision from Santander.
The asset finance funding from Santander Business Banking complements a separate funding package provided by the bank to the owners of the business to refinance existing debt and purchase more storage containers and increase capacity at the site in Kilmington.
Secure Trust Bank Commercial Finance
Secure Trust Bank Commercial Finance has provided a £5m invoice finance facility to BCW Manufacturing Group, as the automotive manufacturer looks to expand its factory space and production line.
The funding to BCW will be used to fund the expansion of the company’s existing site with an 80,000 square foot development. The bolstered headquarters will see the creation of a dedicated state-of-the-art automotive machining facility and additional warehouse space.
“BCW is well placed to tap into the country’s growing manufacturing industry, with the UK set to be the world’s fifth largest industrial nation by 2021. This funding places the company in an excellent position to cater to new business demands and increase its product range.”
David Green, regional sales director at Secure Trust Bank Commercial Finance
Aldermore announced it had funded printing machinery worth £530k for Lancashire-based printing business Sturdy Print.
The business, established in 1973 and owned by three brothers, has an annual turnover of £3m and employs 35 staff. The company offers day-to-day printing services, as well as providing B2B services.
Aldermore said the credit facility has resulted in productivity at Sturdy Print increasing by 300% and has supported the firm’s continued growth and increasing customer demands.