£10m facility secured by Staffordshire industrial product supplier
A Staffordshire welding and industrial equipment supplier has clinched a £10m facility from Secure Trust Bank Commercial Finance and Newable Capital to enter its next phase of growth.
Established in 2007 by brothers Nigel and Steve Nixon, Weldfast is an independent wholesaler of welding, cutting and safety equipment plus associated products. The business now operates from its new, purpose-built 60,000 sq ft distribution centre in Newcastle-under-Lyme.
Weldfast has exclusivity with several brands in its catalogue, as well as being the only manufacturer of electrodes in the UK.
The facility comes following a period of growth for the business, after securing a number of bolt-on acquisitions completed in the last 12 months.
Steve Nixon, co-founder and managing director of Weldfast, said: “Long term growth is our priority at Weldfast – we want to acquire businesses and become a leader in our sector.
“The facility we have received from STB CF and Newable will help us to continue growing the current business whilst bolstering acquisitions and new business at the same time, allowing us to expand our current offerings to existing markets and beyond.”
Matt Broomfield, regional sales director at Secure Trust Bank CF, added: “Working alongside Newable has demonstrated the ability for different financial providers to collaborate on transactions of this size, whilst collating a pool of expertise to deliver a solution that can grow with the business.
“This means we have been able to offer a flexible finance option that has Weldfast’s plans at its core, which will aid the acquisition of other businesses and the overall growth of Weldfast over the coming years”.
