Trueform secures £4m facility provided by Secure Trust Bank
Secure Trust Bank Commercial Finance has provided a £4m asset-based lending facility to Trueform, an international supplier of intelligent transport systems to transport for London and transport for Greater Manchester.
Established in 1977, Trueform offers a one stop shop for the supply, installation and maintenance of all forms of intelligent passenger transport hardware, transport information and communication technologies. With sales in excess of £25m in the last year, the business employs more than 200 staff across its six UK sites, with further operations in New York, Chicago, Bahrain, Amsterdam and Abu Dhabi.
Its comprehensive range of innovative passenger infrastructure designs is used across all forms of transport, including airports, train stations, bus terminals and London’s underground tube system. In addition, the business has developed and tested a range of security and anti-terrorism products, as well as its own patented specialist bomb blast protection systems.
This re-finance package follows the firm’s 2012 management buyout by private investment firm GIL Investments Limited. Founded in 1991, GIL specialises in investment in the industrial, manufacturing and support service sectors, currently boasting a portfolio with an aggregate turnover of more than £300m.
Working in conjunction with GIL, the facility provided by Secure Trust Bank Commercial Finance enabled Trueform to refinance its existing bank facilities, and provides an excellent platform for the business to realise its growth aspirations.
Sean Powell, national sales director at Secure Trust Bank Commercial Finance, said:
“Trueform’s forward-thinking approach to passenger safety and information has led the business to grow rapidly in recent years, securing high profile contracts with the likes of TfL and TfGM. In partnership with GIL Investments, the business has been able to diversify into new markets, as well as develop its innovative range of counterterrorism developments.
“We are delighted to be supporting one of GIL’s investments, and our insight and understanding of the business together with our flexible approach has enabled us to provide a completely unique and tailored solution for Trueform in a short space of time. We are confident that with the ongoing support of both ourselves and GIL, the business can continue to push the boundaries in terms of product design and innovation.”
Richard Banham, investment director at GIL Investments, said:
“First impressions are all important, and we were impressed by the way Secure Trust Bank worked closely with both ourselves and the management team to provide a tailored solution. The team applied a flexible approach to structure the deal around the requirements of the business, made all the more impressive by the turnaround time it was achieved in. I look forward to working alongside the team as we look to accelerate Trueform’s growth, as well as on deals in the future.”