Nottinghamshire engineering firm steels itself for growth following machinery upgrade
ECS Engineering Services Ltd, a leading engineering company in Huthwaite near Mansfield, has put in place the means to grow its business through the purchase of a new metal plate machine. Funding for the machine was provided by Aldermore, the specialist lender and savings bank, and arranged by Newark-based finance broker FUNDINGROUND Ltd.
The purchase and import of the plate machine from American manufacturer Peddinghaus Corporation was supported by £500k in asset finance funding. The new machine replaces an older unit and enables the engineering company to increase capacity, providing better efficiency, more flexibility and the ability to work with a variety of different materials with a much faster turnaround. As a result, ECS will be able to provide enhanced products to existing clients and take on new contracts.
FUNDINGROUND worked closely with Aldermore to structure an appropriate asset finance facility to meet the company’s needs.
Established over 20 years ago, ECS Engineering manufactures products for large-scale developments such as bridges, steel frames for buildings as well as for infrastructure and water control projects. The company currently employs 130 staff.
ECS Engineering has long-standing client relationships with various government agencies, UK water companies and building and fabrication companies. In the last few months, it has won several high-profile contracts where this new investment will play a key part in the successful delivery of projects.
Neil Smith, technical director at ECS, said:
“We urgently required the new plate machine to improve versatility, efficiency and quality whilst reducing our manufacturing costs and staying competitive in the market place. The new machine gives us a flexibility both with throughput capacity and the components we can now manufacture on a single machine rather than the multiple processes carried out previously. We were really grateful for both FUNDINGROUND’s proactive approach and Aldermore’s flexibility and speed of delivery. Both parties were extremely flexible in accommodating the many variations to the original proposal needed to secure the deal.”
Ray Purvis, director at FUNDINGROUND, said:
“We worked closely with Aldermore to put in place the most appropriate finance structure for the new machine. This was a complex deal involving part and pre-payments to meet ECS requirements and supplier terms, negotiations over title and import procedures. Like us, Aldermore demonstrated throughout a willingness to be innovative and customer-focussed, and ensure the deal worked for all parties. We are delighted that ECS has taken delivery of the new machine and it is now in full production.”
Mike Kilford, business development manager, asset finance at Aldermore, said:
“ECS is a well-established business and this purchase will enable them to continue their success. At Aldermore we pride ourselves on our ability to lend against a variety of assets – both hard assets such as heavy engineering machinery, as well as soft assets – so we were pleased to be able to finance the new machine for ECS. It represents a significant investment for the company so it was imperative that they found the right finance solution. We are grateful to FUNDINGROUND for introducing us to them.”