IGF engineers growth for Pryme Group with £2.75m funding line
IGF, the leading commercial finance provider for SMEs, has delivered a £2.75m asset-based lending facility to Dundee-headquartered engineering firm, Pryme Group.
Pryme Group sought a flexible financier to support its growing order book and expansion plans, particularly in the aerospace and defence industries. IGF’s facility also provides Pryme Group with a greater level of working capital flexibility.
The group was formed to provide high quality, integrated manufacturing solutions through bringing together a complementary group of established engineering, testing and manufacturing companies. Collectively, Pryme Group has over 100 years’ experience in providing solutions to a broad range of industries across the UK. Outside of Dundee, the firm also has operations in Aberdeen, Morecambe and Newcastle.
Frank Watson, CFO at Pryme Group, comments:
“IGF’s flexibility and approach will play a key part in Pryme realising our expansion plans, and the facility certainly came at the right time for our business given the growth opportunities ahead. The IGF team understood the challenges facing our market, and will act as a supportive partner for the group as we continue to win new business.”
Alan Anderson, ABL Director – Scotland at Independent Growth Finance, adds:
“Businesses within the oil and gas market have found it difficult to achieve mainstream funding in recent years, so we are delighted to be able to assist Pryme Group as it sets its sights on expansion. The business is efficient and growing in a challenging marketplace, and we look forward to supporting the organisation to achieve its future UK-wide growth plans.”