RBS Invoice Finance and NatWest assist manufacturing acquisition
– RBS Invoice Finance collaborate on a deal with NatWest to allow the acquisition of Modular Wiring to complete
– Equal shareholders are at the helm of the company and looking to drive business expansion
– Modular Wiring is looking to introduce new products to market
Modular Wiring Systems Ltd is celebrating their latest acquisition to formalise two experienced joint managing directors at the helm of their Chesterfield manufacturing base thanks to a six-figure funding package provided by new banking partners, RBS Invoice Finance and NatWest.
Serving the construction industry with electrical solutions, Modular Wiring Systems manufacture specialist “easy install” pre-fabricated wiring to global commercial projects including schools, banks, hospitals, commercial buildings and land mark buildings. Trevor Habgood and John Light have been running the £2m turnover business before deciding to invest as equal shareholders of the company with an appetite to grow the business further.
NatWest and RBS Invoice Finance collaborated on this deal to deliver a financial solution for the benefit of all – NatWest provided funding for the shareholders to acquire 50% of the business each, whilst RBS Invoice Finance put a facility in place to allow for working capital facilities.
John Light, joint managing director of Modular Wiring Systems Ltd, said: “It has been an easy transition working with two banking partners who have worked in partnership to bring this acquisition to completion. Trevor and I are no strangers to running Modular Wiring over the last three years, yet the formalisation of us being equal shareholders cements the effort we have put in to grow this company on a global platform.
“We will take the next 12 months to reflect on what these changes mean and how we can move the company forward. One of our goals is to introduce new products to market which will help us expand our service offering.”
Mike Stephens, commercial development manager at RBS Invoice Finance, said: “Both RBS Invoice Finance and NatWest welcome Modular Wiring to the bank and are delighted we could provide a one stop solution to their banking requirements. We wish John and Trevor all the very best as we work closely together to drive their business strategy forward.”