Northbridge concludes £17m refinancing deal
STAFFORDSHIRE-based engineering group, Northbridge Industrial Services has changed banks as part of a new club facility.
The Burton group, which has been forced into a round of cost-cutting after becoming a victim of the decline in the oil & gas sector, has changed banks to RBS as part of a £17.1m facility of which RBS holds £12.1m.
NIS has offices in the UK, Europe, UAE, Singapore and Australasia, and provides specialist industrial equipment for use in the shipping, construction, oil and gas, and power and utility industries. The company has an extensive client list that includes Daewoo, Keppel and Cummins.
The bank said the refinancing would give NIS the flexibility to develop into the future, with easy access to the funds it required.
Liz Fuge, RBS East Midlands Director said: “RBS was well positioned to offer NIS the support that they needed. The senior management team confirmed that a key factor influencing their decision to move was a need for a banking relationship with people who understood their business – an aspect that we have worked hard to achieve, with not only NIS, but all of our customers.”
Craig Robinson, NIS Finance Director said: “The team at RBS took the time to understand NIS and our work both globally and in the UK. We look forward to working with RBS, as we progress towards the future.”
