Refinance deal agreed for specialist manufacturer

Normanton-based Anglia Metal, an Italian owned manufacturer of plain and tinned copper wire and conductors, has completed the refinance of the business with Independent Growth Finance (IGF).

Anglia Metal is the only dedicated manufacturer of copper wire and conductors in the UK and Ireland.

With over 30 years of experience, the company has a track record of providing its products to a variety of sectors including medical, power, telecommunications and automotive both here in the UK and across Europe.

Howard Bryant, general manager of Anglia Metal, said: “As the last manufacturer of copper wire and conductors in the UK, Anglia Metal provides a key service to its customer base both nationally and internationally.

“Since I have joined the business, I have seen first-hand the incremental role that Anglia plays to all customers across a range of key industry sectors.

“The current economic uncertainty has clearly posed challenges, as it has to all businesses worldwide, but with a strong management team and excellent experience within the industry, Anglia has been able to mitigate this.

“In addition, we are looking at new opportunities with existing and new customers which we may be able to capitalise on to drive the business forward.

“We would like to thank HSBC for their continued support over the years and look forward to working alongside IGF and Santander on our future strategies for taking the business forward.”

Yorkshire-based dealmakers Castle Square Corporate Finance provided corporate finance advice to management and the shareholders on the company refinance.

Philip Jordan in the Leeds office of law firm Progeny Law provided legal services and advice to management and the shareholders of Anglia Metal.

Mark Phillips, director at the Castle Square team in Leeds, said: “Since joining Anglia Metal in February 2019, Howard Bryant has done an excellent job in steadying the ship and allowing Anglia Metal to focus on its future strategy alongside Italian-based managing director, Dimitri Cordublas.

“It has been thoroughly enjoyable working alongside both Howard Bryant and Philip Jordan, whilst developing a strong and well-respected relationship with all stakeholders, to assist Anglia Metal in achieving a full refinance for the business in what is a challenging financial market under current global circumstances with both Brexit and Covid-19.”

Led by corporate partner Philip Jordan and supported by director Julie Evans and senior solicitor Tobias Adkins, the Progeny corporate and property teams provided legal advice and support to the management and shareholders on the transaction.

Jordan said: “We were delighted to provide the legal expertise and advice to assist Anglia Metal in their refinancing of the business.

“It has been a pleasure to work with Howard at Anglia Metal and Mark at Castle Square on the project and our robust and  collaborative working relationship helped overcome the challenges of the prevailing financial climate, as well as the logistics of working through the lockdown.”

Richard Spielbichler, ABL director in IGF’s Manchester office led on the refinance alongside Senior Underwriter Jim Millar.

Spielbichler said: “Our core purpose is to support the growth aspirations of UK SMEs, but in these challenging times businesses are facing up to new realities and changing opportunities. This is where Asset Based Lending (ABL) can help.

“Whilst it is a difficult time for manufacturing, Anglia Metal provides product for numerous applications and is seeing continued demand for its services, particularly within the medical equipment space.”

Dan Houman of Santander’s Leeds office provided clearing banking facilities to Anglia Metal and Alistair Hayes of Shoosmiths’ Birmingham office provided legal advice to IGF.