Nottinghamshire manufacturer secures funding to buy HQ

A Nottinghamshire manufacturer and global supplier of cables and controls, Cable-Tec has secured funding to help purchase a £550,000 industrial unit and headquarters.

Cable-Tec, which also has a site in Liverpool, landed the £340,000 facility from Reward Finance Group to buy its existing rented property in Sutton-in-Ashfield.

The company manufactures and supplies cables and controls for various industries, including agriculture, marine, construction, and motorsports.

Founded in 1988, Cable-Tec was bought by current owner and managing director Kevin Whincup in 2019.

He said: “Being in a position to acquire the manufacturing facility is critical to our future growth aims and commitment to retaining our highly skilled workforce, who are all based locally. We’ve worked hard to establish a successful business that has a strong team in place and caters globally for an increasingly broad range of sectors. Relocating now would be hugely detrimental to our future vision for the business and long-term expansion aims.

“Due to the speed with which we needed to complete the purchase of the manufacturing unit, we turned to Reward as it has vast property finance expertise and also a reputation for delivering funding solutions at pace. The flexibility provided throughout the borrowing process has also helped remove many of the financial headaches and hurdles that inevitably arise during this type and size of transaction.”

Steph Brown, regional director for Reward Finance Group in the Midlands, said: “To be able to support Kevin and his thriving business through a property acquisition that will safeguard the future of his local workforce is hugely rewarding. Having a secure manufacturing base in the region that the business can now call ‘home’ also opens up so many opportunities to drive future growth.”

The deal between Cable-Tec and Reward Finance Group was brokered by Evolve Business Finance.