Seven figure deal with stainless steel supplier to fund acquisition and growth
A seven-figure asset-based lending deal has been completed with AD Bird Stainless, a supplier of precision, specialist, stainless steel.
The deal enables the Sheffield-based firm to acquire AKM Steels, growing its product range and expand into new markets.
The lending deal was conducted by Wyelands Bank, which was set up to help small and medium businesses.
The bank added that it would provide AD Bird Stainless with the funding it needs to grow the enlarged business through a loan structured to meet the business’s working capital requirements, having previously provided an initial working capital facility to firm last December.
Ian Flaxman, managing director, working capital solutions at Wyelands Bank, said: “We help manufacturing and industrial businesses to unlock growth. By supporting small and medium firms, providing the business finance they need to grow, we fill a vital gap in the market. Our second deal with AD Bird Stainless demonstrates our approach to helping businesses to trade, grow and create jobs.”
AD Bird Stainless Limited, a family-run business, employing 22 people and supplying its products to a wide range of sectors from oil and gas to marine and general engineering.
Its acquisition of AKM Steels, which employs six people, is a strategic move to expand its range of product portfolios and steel grades. This will make it better placed to serve the engineering and tool making sector.
Nigel Bird, managing director of Bird Stainless, said: “This funding with Wyelands Bank was critical to help us to bring AKM Steels into our fold. The bank’s team took the time to get to know our business and ensure the solution met our needs.
“Like us, AKM Steels is a longstanding South Yorkshire family business offering quality product, fast delivery times and excellent technical support. It will give us a much wider product offering benefiting the customers of both companies.”
