Bake Off audio supplier gets £2m funding line
Secure Trust Bank Commercial Finance has provided a £2m invoice finance facility to Stage Electrics Partnerships Ltd, one of Europe’s leading providers of stage lighting and sound equipment to theatres and the entertainment industry.
Established in 1979, Stage Electrics works with some of the UK’s most well-known venues, including the Liverpool Philharmonic and The Royal Shakespeare Theatre in Stratford-upon-Avon. The business has worked on the set of some of the nation’s best loved shows, including The Great British Bake Off, Chitty Chitty Bang Bang, Guys and Dolls and The Bodyguard.
Headquartered in Bristol with additional offices in Scotland, Exeter, and London, the business works on a global scale, employing 240 staff. This has enabled the business to expand rapidly in recent years, with turnover rising to £30m in the year to 2016.
The business plans to invest this new funding in two new sites in Avonmouth and Patchway as it looks to improve its margins within the next three years.
Maria Townsend, chief executive at Stage Electrics, said:
“Having built our reputation successfully in the theatre and entertainment industry, working on some of the most well-known productions, we recognised the opportunity to restructure our business and drive further growth. With plans to expand our geographical presence in the near future, we needed a financial partner capable of producing an innovative financial solution.
“We had developed a long-term relationship with the team at Secure Trust Bank, who were approachable and understood the workings of our business. As a result, they were able to provide a tailored financial package that worked alongside our expansion objectives over the next three years.”
David Parsons, strategic development director at Secure Trust Bank Commercial Finance, said:
“Having worked with some of the world’s largest productions, Stage Electrics operates under high levels of pressure on a daily basis. As a result, the business requires strong levels of cashflow if it is to take this comfortably in its stride . Our financial package will enable the business to undertake its ambitious plans, as well as make the necessary investments to achieve its growth objectives.”