Manufacturer steeled by £35m finance facility
A Dudley steel stockholder and processor has been provided a £35m finance facility by Secure Trust Bank Commercial Finance.
Meridian Metal Trading (MMT) employs 175 people across its three manufacturing sites in Dudley, Guildford and Sheffield, and sales offices in Newport and Bolton.
It has equipment and crane capabilities of up to 40 tonnes, and manufactures and supplies almost 240,000 tonnes of steel per year.
The bond will be used to support the growth of the business and meet current working capital requirements.
Steve Roadway, finance director at MMT, said: “The steel stockholding and processing industry is highly competitive. In order to maintain its competitive advantage and market positioning, it was imperative for MMT to have a strong and responsive financing partner with industry expertise in its corner.
“It is often restrictions on working capital that halts a growing company, and this facility has enabled us to free up cash flow so we can improve and invest in other areas of the business.”