Arbuthnot Commercial ABL has delivered a cash flow loan and receivables financing facility to support Precision Technologies International Limited (PTI), a leading gear, spline and thread manufacturer.
The facility, which comprises a cash flow loan and receivables financing line, will allow PTI to consolidate its previous invoice discounting and mezzanine finance facilities with a single finance provider.
The new Arbuthnot Commercial ABL facility will enable the business to use its enhanced free cash generation in support of new growth initiatives in the motorsport industry and related sectors that also require high precision manufacturing services.
As a result of this refinancing and a recent round of investment capex, PTI is strongly positioned to build on its solid 2018 performance.
James Nicklin, managing director of Precision Technologies International Limited, said: “Arbuthnot Commercial ABL were very impressive. Their key decision-makers met with us on site to gain a rich understanding of our business, enabling them to deliver a cost-effective and flexible facility. Their speed of response gave us the confidence that the transaction would be conducted quickly and smoothly, without any unnecessary delays or red tape.
The future is looking positive with clear growth plans to expand within our existing sectors and some promising projects on the horizon.”