Pure metals and alloys supplier secures £20m funding package
Advanced Alloy Services, which supplies high purity metals, revert and toll-process for the manufacture of high temperature superalloys, has received a £20m funding package from Santander Corporate and Commercial Banking.
The package includes a £10m General Export Finance facility (GEF), £10m Invoice Finance, FX facilities, and transactional banking, which will enable Sheffield-based Advanced Alloy Services to grow its business both domestically and internationally, as it pursues its strategy for growth in the UK, US and Asia.
The new financing agreement will also allow the business to expand its partnerships with UK universities to research and develop new critical metals recovery processes with material from secondary sources.
Financial support from Santander will facilitate these innovation projects and help the UK develop security of supply of critical minerals and metals, essential for key infrastructure projects.
Metal recovery projects will also help towards Net Zero targets, by reducing reliance of metals from primary sources and corresponding high carbon emissions from mining and refining processes.
Advanced Alloy Services Ltd was founded in 1993. The business has a turnover of £56.7m and in May received its first King’s Award for Enterprise in International Trade.
The firm employs over 40 people who are all based in its Dinnington, premises.
Stephen Hall, managing director, said: “With our new financing arrangement, Santander has differentiated themselves from other banks.
“Crucially, they have demonstrated support for the UK metals industry and with it the UK Critical Mineral Strategy, helping security of supply essential for key infrastructure.
“The onboarding team have been exceptional and facilitated a smooth transition in record time.”
Liz Pickering, relationship director, Santander Corporate and Commercial, added: “We are pleased to have supported Advanced Alloy Services and delivered a bespoke refinance package which will support the company’s exciting opportunity for UK and international growth.
“Advanced Alloy Services Ltd is a well-established local business growing in its sector.
“The remit at the outset from the management team was to provide a flexible funding solution to enable the metal supplier to maximise international growth, which we achieved by working alongside UKEF.
“This has been collaborative approach, and we look forward to continue working with the Advanced Alloy team.”
