Secure Trust Bank (STB) Commercial Finance has provided a £35m finance facility to a national steel stockholder and supplier.
Barclay & Mathieson Ltd (B&M Steel) has received the funding from the specialist bank to acquire South Essex Stockholders, manage the company’s cash flow and boost working capital.
South Essex Stockholders – which is based in Southend-on-Sea – is also a steel stockholder and supplier.
STB Commercial Finance has now financed three steel stockholders this year after supporting Avon Steel in March with a £2m invoice finance facility and providing Meridian Metal Trading with a £35m facility.
David Parsons, regional managing director at STB Commercial Finance (pictured above), said: “B&M Steel required a flexible facility that would ease its financial restrictions and allow it to make strategic acquisitions that would boost growth.
“The company is now in a strong position for the future and has further bolstered its presence in the South.
“We look forward to seeing the continued progression of the company over the next few years.”
B&M Steel was founded in 1877 and now has 16 depots in the UK with 400 employees.
Mick Welden at Breal Capital advised B&M Steel on the transaction.
“B&M Steel has a strong heritage in the steel industry and has established itself as a market leader within the UK,” said Mick.
“Its unrivalled product range and levels of service make it an exceptional business, so we were keen to source a finance facility to help meet its working capital requirements and support its continued expansion.
“The team at STB Commercial Finance [has] an excellent understanding of the market and [was] able to provide a funding line that would meet the needs of the company.”
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