Lancs automotive fabrics manufacturer secures £8m refinancing to drive growth
A Lancashire fabrics company has undergone an £8m refinancing to improve its access to liquidity.
Uniroyal Global (UGL), based in Earby, manufactures and supplies coated fabrics to the global automotive industry.
It has completed a significant refinancing deal, provided by Independent Growth Finance, which includes an asset-based lending facility of up to £8m, incorporating invoice discounting, stock and plant and machinery funding lines
The new package provides UGL with a firm financial platform to continue on its growth trajectory and increase production to meet growing demand.
UGL has a long heritage dating back more than 100 years, with today’s business deriving from two independent family textile businesses. The company currently employs around 225 staff.
The company became part of UGL in March, 2013, when Wardle Storeys was acquired by US-based group Uniroyal Engineered Products for an undisclosed sum.
Uniroyal designs and manufactures plastic vinyl coated fabrics and said it planned to use the acquisition to tap into European markets.
The firm’s president, Howard F. Curd, said at the time of the takeover: “Rarely do we find two companies in the same industry that fit together so well as Uniroyal and Wardle Storeys. We are excited about the opportunities before us.”
Mr Curd, CEO of UGL, said today: “At a time of continued economic uncertainty and a challenging period for the global automotive industry, this new facility demonstrates the market’s confidence in UGL and our clear ambition to serve both domestic and export markets.”
UGL was advised by Interpath Advisory.
Ben Smith, debt advisory director at Interpath Advisory, said: “We are pleased to have advised UGL on this new financing package, which will unlock significant additional funding capacity across the business enabling it to pursue growth in its important export markets.
“The facility will provide the capacity for UGL to deliver on its strategy to be a leading supplier and strategic partner to it’s customers.”
Richard Spielbichler, director at Independent Growth Finance, said: “Working closely with Interpath Advisory, we are thrilled to partner with Howard and the team at UGL for their successful refinancing endeavour.
“The collaboration of combined expertise enabled us to deliver an ABL solution that will finance UGL’s future growth plans, and we look forward to supporting this journey.”
