BFS structures ABL package for Surrey-based manufacturer
Bibby Financial Services, has agreed a £2.4m asset-based lending package with Fixing Centre, a leading manufacturer of stainless steel anchors and fixings for the construction industry.
Based in Woking, Surrey, Fixing Centre is a provider of stainless steel fabrication and high performance anchors and anchoring systems, used in construction and engineering projects throughout the UK.
The business has set its eyes on strong growth over the coming years as key infrastructure projects including the building of the new Queensferry Crossing in Scotland, and the development of smart motorways such as the M3, begin to deliver revenue.
To gear up for further grow, Fixing Centre has agreed a £2.4m funding package, combining invoice discounting and stock finance, with BFS’s Southern corporate team.
Colin Abbott, managing director, Fixing Centre said:
“Despite a bit of a road block, the prospects for the next few years are looking very healthy as big government-led infrastructure projects, such as the new Queensferry Crossing, begin to deliver work.
“The corporate team at Bibby Financial Services have been able to structure a funding package that meets our needs – both now and in the future – so that we can take advantage of these opportunities and substantially grow our business over the years ahead.
“For a business like ours, we can at times be stock heavy as we gear-up to deliver on big projects. Being able to leverage assets from within our business by working with a flexible funder like BFS gives us the freedom to concentrate on growth.”
Through its range of products, Fixing Centre provides the anchors and fixings for key motorway structures including crash barriers and overhead gantries.
Paul Fraser, head of corporate in the South, Bibby Financial Services commented:
“Fixing Centre is a great example of a UK business that specialises in delivering high end niche products that are fundamental to delivering large scale infrastructure projects.
“It was key for us to be able to leverage all assets the business had, including receivables and stock, to help unlock greater levels of funding to help the business to grow.
“In order to structure this ABL package, we built up a strong understanding of the business and its ambitions and worked hand-in-hand with the executive team to make it work. In the space of three weeks we had undertaken a full stock audit of the business and provided the funding package they needed. This demonstrates our capability in structuring flexible ABL packages such as this and we look forward to a long and successful relationship with Fixing Centre.”