Bolt manufacturer targets growth with £1.1m funding boost

A MANUFACTURER of nuts, bolts and washers to the construction and fastener industries has secured a £1.1m finance deal to target further growth.

Leeds-based Andrew Fasteners supplies mainland Europe, the Middle East and the Far East. It was established over 100 years ago the company revolutionised how bolts are packaged, presented and delivered to construction companies around the world – it was the originator of the colour coded bag system.

Andrews Fasteners’ products are typically used in the construction of bridges, buildings, stadiums, highways and railways. Their products have been used in many high-profile projects worldwide, the latest being the European Centre of Nuclear Research’s (CERN) Deep Underground Neutrino Experiment (DUNE) prototype, which is being built in Geneva.

Andrews Fasteners is targeting future growth by increasing its stock capacity to enable the business to serve more customers and increase its revenue streams. The company has enlarged its warehouse facilities in Leeds and is steadily expanding its customer base.

Michael Carey, managing director at Andrews Fasteners, said: “We’ve seen demand for our products increase significantly in recent years and we found ourselves in a position where we sometimes had to turn away business due to not having enough stock. More funding will enable us to ensure we have more products available for our customers to purchase, which in turn will help our customers to order the stock they need whilst also boosting the growth of the business.”

Tom O’Dell of Aldermore said: “Andrews Fasteners is a well-established business with over 100 years of experience in its sector. Andrews Fasteners has developed market leading innovations, which are now standard practice in industry.  These simple new ideas help to reduce wastage and delays on site, saving their clients time and money.

“Similarly, at Aldermore, our focus is providing the UK’s SMEs with the tools to achieve success.  This might be through asset finance, commercial mortgages or, as in this case, a tailored invoice finance and inventory funding facility.  The flexible facility provided is a great demonstration of our full asset based lending options for our customers.

“We’re pleased to have been able to provide funding for what is an impressive business and hope to see the firm continue to grow in the future.”