Engineering business set to soar after support from Secure Trust Bank
Beagle Technology Group, a cutting-edge aerospace engineering business, is on track to exceed its 2019 revenue figures this year following support from Secure Trust Bank Commercial Finance.
The Dorset-based business, which was acquired by Breal Capital in 2018, specialises in designing and manufacturing metallic and composite parts and structures, as well as highly-finished components for the aerospace and defence markets.
Secure Trust Bank Commercial Finance has provided a £2m working capital facility to support the firm’s ambitious growth plans, as well as a further £700,000 package as part of the Coronavirus Business Interruption Loan Scheme (CBILS) to assist the business with managing the impact of Covid-19.
Due to the nature of Beagle Technology Group, the products it makes and the demands of its clients, it was unable to close down or take full advantage of the furlough scheme. As a result, the CBILS facility was used to ensure the business could continue to support its staff and supply chain, as well as fulfilling orders for its roster of blue chip clients throughout this period. The £2m facility will used to support continued growth within the business in the coming months.
The Commercial Finance division of the FTSE-listed bank was one of the first alternative lenders accredited for the larger CLBILS loan scheme by the British Business Bank earlier this year, and also offers the smaller CBILS facility. In July this year Secure Trust Bank Commercial Finance also reached its £5bn lending milestone, having funded £1bn of invoices in the previous 10 months.
Mick Welden, of Breal Capital, the owner of Beagle Technology Group, explains: “From the offset of the pandemic Beagle was in quite a unique position because of the nature of its products and the type of clients it caters for. As such we needed a partner that really understood these unique challenges and how we could overcome them. Having worked with the team at Secure Trust Bank previously we consider them a trusted partner that understand how we work and move quickly to find a flexible solution – this is exactly what they did on this occasion and their support has been invaluable.”
James Ambrose, Regional Sale Director at Secure Trust Bank Commercial Finance, added: “We’ve worked with Mick and the team at Breal Capital for a number of years and were happy to support them again on this occasion. It’s essential that we continue to support UK manufacturing throughout this difficult period and we look forward to working closely with Breal and Beagle moving forward to provide further support as the company continues to grow.”
