Bibby Financial Services (BFS) has provided a £2.6m Invoice Discounting funding facility to Morris Line Engineering (Holdings) Ltd, a specialist engineering business with two well respected brands – Morris Line Engineering (MLE) and JW Morris.
Headquartered in Bridgend, Wales, MLE provides specialist design and manufacturing services for low voltage and high voltage equipment. The business has built an international reputation for outstanding product development and designs over the last four decades and has exported to over 70 countries.
In addition to its operations within the UK and Ireland, MLE also has a strong presence in the Middle East, with a factory in Dubai serving the electrical distribution, rail electrification and oil and gas sectors.
JW Morris has an even longer pedigree of electrical installation work in process industries and recently celebrated its 70th anniversary of working for the UK’s largest integrated steel works at Tata Steel Port Talbot.
The funding package will support the 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 business.
David Kearle, managing director of Morris Line Engineering (Holdings Ltd), said: “Due to the international scale of our business and our reliance on high-quality equipment, it is really important we can bridge the gap between raising invoices and getting paid to access the cash we need to fuel our growth.
“We needed to find a funding partner with experience in our sector, as well as one that could deliver a fast service whilst not compromising on quality. Our ethos is all about creating strong and long-lasting relationships with our clients, and it was clear that BFS values this too. It was a perfect match.
“Thanks to the invoice discounting facility, we received an additional cash injection to fund our growth and support our day-to-day cashflow, while having the breathing space to make the best long-term decisions for our business.”
Maxine Hennessy, corporate manager of Bibby Financial Services, said: “We are really excited to work with the team at Morris Line Engineering Holdings Ltd 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.”