Metal specialist secures funding to support major overseas aerospace contract

Debbie Dewell, Yorkshire Bank, Simon Littleford, director at Aerocom Metals, Paul Smith, director at Aerocom Metals, and Peter Brooke, Yorkshire Bank 

A metal suppliers for the aerospace and defence industries has secured £875,000 to launch a product range which will support a major overseas contract.

Coventry-based Aerocom Metals will use the cash to launch a nickel alloy tube product range. The business has been awarded a major contract with an overseas aerospace client and the new product range, which aims to offer more availability on long lead-time items, will be an important part of this work.

Aerocom Metals is expanding its footprint in the market and has seen an increase in demand for its goods and services from the aerospace industry in particular.

Yorkshire Bank’s support will also allow the business to refinance existing debt at a more competitive rate, in order to free up extra working capital to invest in its future growth strategy.

Paul Smith, director at Aerocom Metals, said: “Thanks to our fast growth in recent years we were in a position to go to the market and look for new funding opportunities. We found that Yorkshire Bank’s flexible Invoice Financing was a great fit for us.

“We are eyeing a target of £4m in revenues by the end of this year, and because high value aerospace tubular products are a key growth area for us, the funding will play a significant role in helping us hit that target.”

Established by Smith and Simon Littleford in 2008, Aerocom Metals  has 11 staff based out of its headquarters in Coventry.

The business started out by supplying high-strength tubes for restoration projects including Spitfires and Hurricane (aircraft) fuselages, roll over protection systems for race cars and modern-day aircraft interiors.

Today, it provides a range of products to suit the needs of aerospace, defence and motorsport clients including high quality titanium alloys, waspaloy, Inconel and stainless steels and currently boasts one of the largest off-the-shelf ranges of high strength steel and aluminium tube in the UK.

The deal was led by Peter Brooke, commercial relationship manager at Yorkshire Bank and Dave Hewitt, who specialises in asset based lending at the bank.

Brooke said: “The UK’s aerospace and defence sectors in particular have seen strong growth in recent years, due to lucrative export opportunities for British businesses. Aerocom Metals is strongly positioned to take advantage of this trend and we’re proud to back them as a leading Midlands-based manufacturer.

“Our teams are committed to lending to enterprising businesses across the Midlands region to help them scale up and thrive.”

 

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