Secure Trust Bank Commercial Finance has provided a £2m invoice finance facility to Avon Steel.
The South West steel provider stocks over 1,500 tonnes of steel from its head office in Bath and second depot in Plymouth.
Avon Steel is now associated with Breal Capital's £135m revenue steel group, which is looking to acquire other stockists and distributors of steel.
The £2m invoice finance facility will support Breal Capital with these acquisitions as well as provide general working capital for cash flow requirements.
Simon Parson, managing director at Avon Steel (pictured above), said that following the acquisition of the business by Breal Capital in late November, it was aware that it would need a finance facility to support its future growth.
“We chose to work with Secure Trust Bank Commercial Finance because of its refreshing approach to lending.
“The team took the time to understand the business and its requirements and constructed a facility in a short timeframe.
“We're now able to set our eyes on future targets and embark on the next phase of our acquisition strategy.”
David Parsons, director at Secure Trust Bank Commercial Finance, added: “Avon Steel is in a good position to take advantage of the steel industry's resurgence in the coming years, with more companies likely to seek local steel over expensive imports.
“Having worked with Simon and the team, it was clear that the flexibility we were able to offer was of great value to the business, enabling it to restructure its balance sheet and gear up for future growth.”
-
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
-
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
-
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
-
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
-
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
-
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
-
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
-
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
-
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
-
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
-
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...