Stainless steel business to manufacture growth with seven-figure funding deal
A South Yorkshire stainless steel business has secured a seven-figure funding package to boost its long-term growth strategy.
Established in 1987, AD Bird Stainless employs 23 staff from its headquarters on Sheffield Road in Penistone and is forecast to achieve over £7m turnover this next financial year.
The family-run business works with a wide range of industries including nuclear power generation, oil and gas, water, marine, petro-chemical, architectural, automotive, construction and general engineering.
Liquidity Club arranged and advised the seven figure Asset Based Lending (ABL) facility for AD Bird Stainless. Liquidity Club worked with Wyelands Bank who acted as funders on the deal.
The ABL facility was structured by Ian Flaxman at Wyelands Bank, who worked with Adam Simpson at the Liquidity Club to tailor a finance package to support AD Bird Stainless’ growth strategy.
The ABL line is a revolving facility that works by accessing cash held within the debtor book and assets, thereby giving AD Bird Stainless access to working capital to assist future growth.
Nigel Bird, managing director at AD Bird Stainless, said: “We are extremely busy with new orders and supporting existing customers, both in the UK and overseas, and I am excited to have the financial backing to invest for the future.
“This year we are on track to hit our forecast turnover which has been assisted by our increased focus in the marine sector. The support provided by Adam Simpson at Liquidity Club throughout the process has been great, he has really understood our business and our growth strategy.”
Adam Simpson, commercial director of Liquidity Club, added: “The availability of working capital to support growth is an issue faced by most businesses, therefore borrowing to increase liquidity is a significant part of today’s business environment.
“AD Bird Stainless Limited is a fantastic business and I am delighted to introduce them to Wyelands Bank who have shown great flexibility and understanding to tailor an ABL funding package that fits their needs perfectly.”
Ian Flaxman, managing director, working capital solutions at Wyelands Bank, said: “At Wyelands Bank, we were set up to help businesses just like AD Bird Stainless Limited to trade, grow and create jobs.
“By supporting small and medium firms, providing the business finance they need to trade effectively, we fill a vital gap in the market. We give customers direct access to decision makers and work together to find the right funding solution for them, as this deal with AD Bird Stainless Limited demonstrates.”
