Scottish electrical manufacturer secures £1m funding line
Bibby Financial Services (BFS) has provided a £1m funding facility to Power Jacks, an Aberdeen-based electrical design and manufacturing company with customers in over 80 countries worldwide.
Established over 30 years ago, Power Jacks designs and manufactures electrical tools for a range of operational processes. Its products include screw jacks, gearboxes and jacking systems, which are essential components of automated machinery and support the process of transporting, lifting and positioning of large-scale goods.
Power Jacks’ impressive product offering has helped the business establish a presence across a diverse set of industries with clients including British Airways, BT, Nestlé and Volkswagen.
The funding will offer immediate support to Power Jacks’ operations by enabling the business to operate a more efficient cashflow system. The funding will also free up additional working capital, making it easier for Power Jacks to develop opportunities in the aerospace, transport and metal production industries across Europe and Asia.
The partnership illustrates BFS’s growing presence in Aberdeen, having funded staffing provider, Raeburn, and tech innovator, Subsea Technologies, in the last 12 months.
Craig McGill, finance director of Power Jacks, said:
“As a business with the ambition to develop its overseas relationships, we wanted to partner with a funder that understood our aspirations and had international experience in the sector.
“BFS immediately demonstrated an impressive knowledge of our operations and the needs of the business. The finance facility allows us to consolidate our position as a partner of choice for customers internationally.”
Ronnie Stokes, corporate manager of Bibby Financial Services, said:
“Power Jacks is an established business that boasts an exciting portfolio of clients and we are delighted to add the business to our growing list of Aberdeen-based partners.
“The management team at Power Jacks have been extremely co-operative throughout the process, allowing us to build up an effective working relationship and craft a funding facility designed to help the business boost cashflow and achieve growth.”