Stainless steel distributor secures lending facility

Birmingham-based Stainless Steel Services (SSS) has secured an invoice discounting facility from Cynergy Business Finance (CBF), in a move to manage a flexible cash flow.

Founded in 1987, SSS is an independent distributor and processor of stainless steel which is part of Barcelona’s Irestal Group, with 21 divisions across five countries.

After experiencing an exceptional rise in business sales and an increase in the cost of raw materials, SSS sought external financial support. CBF were able to offer SSS a bespoke invoice discounting package, including a facility that was double the size of which it had previously received. This enabled SSS to ensure growth opportunities were available despite challenging economic conditions.

Part of Cynergy Bank, CBF provides finance solutions between £200,000 and £20m to businesses across the country against business assets such as receivables, plant and machinery, inventory, and property. It also offers cash flow loans and provides complementary export funding.

Lesley Heather, financial director at SSS said: “Cynergy Business Finance took the time to offer exactly what we needed to take our business forward which was a breath of fresh air after working with a high street bank”.

Dan Burton, executive director at CBF said: “We were more than happy to replace its restrictive line with a facility that was double the size and released a significant amount of availability to them on the day we transferred the facility across”.”