B3 Cables agrees £43.1m refinancing

B3 CABLES, the manufacturer of copper and optical cables based in Blackley, north Manchester, has completed a £43.1m refinancing deal.

The firm has secured a new asset finance package from PNC Business Credit – the US-based firm which bought the asset finance arm of Belgian bank KBC last year.

B3 Cables was formed in 2001 after US-based Belden Cables pulled out of the British market and closed down the former BICC Cables site in north Manchester.

A managmement team backed by Manchester-based private equity firm Aston Ventures subsequently bought the firm and then completed several acquisitions in Europe, Asia and the Middle East.

The firm’s most recent accounts for the year to October 31, 2009, show a pre-tax profit of £636,000 on sales of £75.4m.

B3 Cables was advised on the deal by law firm Hill Dickinson. Manchester-based partner Patrick Keown said: “The refinancing package put forward by PNC was very attractive and also demonstrated an ability to support B3 on future acquisitions.

“We are pleased to have been able to advise out client on the best possible outcome for the future success of the company.”