Tooling firm set for growth with £12m funding deal
A Coventry-based tooling firm which recently moved its 200 staff into new premises has landed a £12m funding deal with Secure Trust Bank Commercial Finance.
Expert Tooling already has customers including Jaguar Land Rover, Aston Martin and Bentley. The loan will be used to fund work in progress to increase the firm’s working capital.
The company provides assembly tooling, special purpose machinery and robotic automation products to the automotive, aerospace, machine tool and transport industries.
The £12m facility provided by Secure Trust Bank Commercial Finance will be used to fund both its receivables and its work in progress, allowing it to increase its working capital.
A PwC team led by Mike Denny and Michael Potter advised Expert Tooling on the refinancing.
Angelo Luciano, chief executive of Expert Tooling, said: “Automation is becoming a focal point in the manufacturing industry, and as one the UK’s most prominent suppliers of automotive technology, we are set to benefit from this growth within the sector. We required a facility that would allow us to grow without the burden of insufficient working capital, and Secure Trust Bank were able to provide an imaginative structure that met our needs.”
David Parsons, regional managing director at Secure Trust Bank Commercial Finance, said: “Expert Tooling is an established business which prides itself on its longstanding history and expertise in the automation industry. This facility will not only help the company fund its current workload, but it will also grow in line with the business, ensuring that it continues to be prosperous in the future. We look forward to working with Expert Tooling going forward.”
Michael Potter from the PwC deals team said: “We are delighted to have advised Expert Tooling on this transaction, and the flexible structure provided by Secure Trust sets the business up well to take advantage of significant future growth opportunities.”
