Yorkshire automotive supplier secures funding to steer growth
Bibby Financial Services (BFS) has provided a funding facility to Complete Automotive Aftermarket Solutions Ltd., a Yorkshire-based automotive manufacturer responsible for producing some of the industry’s most recognised car part brands.
Based in Heckmondwike, West Yorkshire, Complete Automotive plays a vital role in the automotive industry supply chain. The business supplies a host of products, specialising in high-quality electronic power steering, hydraulic steering and air suspension technology.
As part of The Complete Group network, Complete Automotive manufactures products carrying the branding of industry leaders such as Hirsche Automotive, iSteer and AST. This has allowed the business to partner with leading car part distributor, Euro Car Parts.
Since it was established in 2013, Complete Automotive has demonstrated regular growth and increased turnover year-on-year. As a result of its success, it significantly expanded its Heckmondwike headquarters in 2017, opening new workshops and a bespoke research and development facility.
The funding from BFS will help Complete Automotive free up additional working capital, meaning the business can operate a more efficient cashflow system with its partners across the UK and Ireland. The extra capital will also fuel the business’s plans for further expansion, as it seeks to develop products in electric and hybrid vehicle remanufacture and supply.
The deal marks BFS’s second high-profile deal in Yorkshire in as many months, having recently funded Halifax-based gift-wrapping wholesaler, Crown Greetings Ltd.
Stephen Chandler, director, The Complete Group, said:
“As a dynamic, innovative business, we wanted to partner with a funder that would allow us the freedom to fulfil our ambitious growth plans.
“BFS understood our intent from the start and presented us with a funding package that efficiently encompasses our requirements. The funding means we can press on with a series of exciting projects in electric and hybrid vehicle manufacturing businesses.”
David McIntyre, corporate manager of BFS, said:
“Complete Automotive is a business making strong headway in a highly competitive industry and is already an established partner of some of Europe’s biggest automotive suppliers.
“At BFS, we are finding that too many SMEs are constrained by rigid funding. As a business still in its infancy, we understood Complete Automotive’s need for a flexible funding package. Our support will enable them to improve their cashflow structure and operate an efficient working relationship with their customers and invest in their future with confidence.”