Scottish engineering specialist secures £750K funding line
Bibby Financial Services (BFS) has provided a £750,000 funding facility to Pentland Material Supply Ltd., a specialist engineering solutions provider serving a diverse range of customers across multiple sectors.
Formerly known as Pentland Precision Ltd., the Loanhead-based business was founded in 2001 and provides specialist engineering services, including laser cutting, sheet metal work, fabrication and powder coating. The business has an established customer base across Scotland covering a wide range of sectors including oil, gas and wind.
In September this year, the Midlothian business called in the administrators after struggling with debts for several years. Ronnie Stokes, of BFS’s Corporate team in Scotland, with support from Alan Anderson, managing director of TSF Finance, worked closely with KPMG to structure a deal to provide fresh finance to the business.
The £750,000 funding line has protected the jobs of more than 30 employees and enabled managing director Robert McCartney to resurrect Pentland Precision Ltd. under the new name of Pentland Material Supply Ltd. The firm has a healthy pipeline of orders and has set its sights on achieving a £6m turnover within the next two years.
Robert McCartney, managing director, Pentland Material Supply Ltd., commented:
“We needed to find a funder that could breathe new life into the business. BFS spent time to get to the heart of our business and moved quickly to put a facility in place that met our needs. “The funding from BFS boosts our working capital and, crucially, has helped us to retain our employees. The business has substantial orders in the pipeline and we are very happy to have BFS on board as we take the business forward.”
Ronnie Stokes, corporate manager for Scotland at Bibby Financial Services, said:
“Pentland Material Supply Ltd. has a strong presence across Scotland so we were keen to provide them with a funding solution. Within a tight timescale, we were able to structure a facility that met the firm’s financial requirements and managed to protect 35 jobs.
“The team have ambitions plan for the future and a healthy growth model. We’re thrilled to support Robert and the team as the business enters this exciting new phase.”