Six-figure funding line to fuel expansion at car parts manufacturer

An automotive manufacturer producing some of the industry’s most recognised car part brands has secured a six-figure sum funding facility.

The money from Bibby Financial Services (BFS) is being provided for Complete Automotive Aftermarket Solutions, which is based in Heckmondwike.

The business supplies a variety of products, specialising in electronic power steering, hydraulic steering and air suspension technology. 

As part of The Complete Group network, Complete Automotive makes products carrying the branding of firms such as Hirsche Automotive, iSteer and AST.

Since it was established in 2013, Complete Automotive has increased turnover year-on-year. The company expanded its Heckmondwike headquarters in 2017, opening new workshops and a research and development facility.  

The business said the funding from BFS would help it free up additional working capital, meaning it can operate a more efficient cashflow system with partners across the UK and Ireland.

The extra capital will also fuel the business’s plans for further expansion, as it seeks to develop products in electric and hybrid vehicle re-manufacture and supply.  

The deal marks BFS’s second high-profile deal in Yorkshire in as many months, having recently funded Halifax-based gift-wrapping wholesaler, Crown Greetings.  

Stephen Chandler, Director at The Complete Group, said:  “As a dynamic, innovative business, we wanted to partner with a funder that would allow us the freedom to fulfil our ambitious growth plans.  

“BFS understood our intent from the start and presented us with a funding package that efficiently encompasses our requirements. 

“The funding means we can press on with a series of exciting projects in Electric and Hybrid vehicle manufacturing businesses.”  

David McIntyre, Corporate Manager of Bibby Financial Services, said:  “Complete Automotive is a business making strong headway in a highly competitive industry and is already an established partner of some of Europe’s biggest automotive suppliers.  

“At BFS, we are finding too many SMEs are constrained by rigid funding. As a business still in its infancy, we understood Complete Automotive’s need for a flexible funding package. 

“Our support will enable them to improve their cashflow structure and operate an efficient working relationship with their customers and invest in their future with confidence.”