Industry: Steel wholesalers
Product: IDeal™ with RLS top up
Facility size: £2m
Based just outside of Manchester this well-established wholesale business began in 1991 providing bespoke steel products and materials to the manufacturing sector. When the owner-director decided to retire and sell the business, the new buyers approached Close Brothers to assist with the funding that would enable them to add to their growing portfolio of complementing businesses.
Our invoice finance specialists worked closely with the Management Buy-In (MBI) team to tailor a £2M invoice finance facility, with a Recovery Loan Scheme (RLS) top up loan to facilitate the purchase and provide a cash surplus to fund ongoing working capital requirements.
With an experienced management team in place and a long-term funding strategy for the incoming owners, the business is in a strong position to grow its market share as it benefits from being part of a wider portfolio of engineering companies.
