The Development Bank of Wales has provided £400,000 of funding to MII Engineering.
The Caerphilly-based company – which currently employs 250 staff and has a turnover of around £30m – will use the funding for working capital to secure a series of new contracts.
MII Engineering provides maintenance and repair services for all types of plant and machinery and offers a full range of services: mechanical, pipe, electrical, manufacture and scaffold.
Prior to this deal, the company received funding from Finance Wales – five loans totalling £1.8m since 2011 – as the current directors led a management buyout.
All loans from Finance Wales have been fully repaid.
“We have had a longstanding relationship with the Development Bank of Wales (and its predecessor Finance Wales) and they understand our business,” said Matthew Moody, finance director at MII Engineering (pictured above, second left).
“Our model is such that we often require short-term funding solutions to deal with extra working capital requirements to help fund large projects.
“We were impressed with the quick turnaround following our recent application and would recommend the Development Bank of Wales as a funding partner for growing companies.”
Steve Galvin, senior investment executive for the Development Bank of Wales, who worked on the case (pictured above, right), added: “The Wales Business Fund is one of our largest funds and helps businesses looking to grow.
“With loans and equity available from £50,000, it is perfect for those businesses seeking short-term working capital.
“As a dynamic, customer-focused business, MII has recorded impressive and sustainable growth over recent years.
“The business benefits from strong financial control, highly predictable cash flows and excellent repeat business from a blue-chip customer base.
“It has been a pleasure to work alongside them on their journey.
“We now look forward to this next period of growth.
“It's always rewarding to see businesses benefit from multiple successful funding rounds.”
Also pictured above: Left, Julie Brand, director at MII Engineering Ltd, Brian Arnesen, managing director at MII Engineering Ltd far right
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Close Brothers’ banking division reports 6.6% loan book growth
Close Brothers Group PLC has revealed that its banking division has seen a 6.6% growth in its loan book in the 11 months to 30th June 2018...
Leeds introduces two-year fixed rate BTL product
Leeds Building Society has launched a two-year fixed rate buy-to-let (BTL) mortgage product as part of a wider refresh of its 70% LTV BTL range...
Just 20% of Brits would opt for a challenger bank
Only 20% of UK residents would opt for a challenger bank if they were opening a new account today, according to research from Equifax...
Santander to form digital investment banking team
Banco Santander has announced that a new digital investment banking team will be formed within Santander Corporate & Investment Banking...
Metro Bank introduces developer portal
Metro Bank has launched a new developer portal for FCA-registered third parties wishing to build services on top of its APIs...
Wesleyan Bank appoints new head
Wesleyan Bank has appointed David Brownbill (pictured above) as its new head of indirect sales...
Arbuthnot announces profit surge
Arbuthnot Banking Group has reported a half-yearly profit before tax of £3.5m for the six months to 30th June 2018, up from the £2.5m recorded during the same period last year...
Temenos extends contract with Northern Trust
Temenos has signed a multi-year contract with global financial services company Northern Trust...
TSB adds new director to board
TSB Bank PLC has announced the appointment of Andy Simmonds (pictured above) as an independent non-executive director...
60% of Brits want ‘peace of mind’ when using cards online
Three-fifths of Brits (60%) want ‘peace of mind’ – regarding online security and fraud prevention – when using cards online, according to recent research...
Tandem reaches 250,000 customers
Tandem has announced it now has 250,000 customers across its cashback credit card, fixed term savers and account aggregating banking app...