Westbrook agrees £16m funding deal with Lloyds
METALS and ferro alloys supplier, Westbrook Resources is set to expand its operations after securing a £16m funding package with Lloyds Bank Commercial Banking.
The firm, which is based in Dronfield, near Sheffield, is a major supply chain partner to the iron and steel industry worldwide.
Lloyds Bank has created a bespoke trade facility which is critical to Westbrook’s day-to-day operations which relies on sourcing metals, ferro alloys, minerals and ores for quick delivery to its customers.
Shaun Walton, managing director of Westbrook Resources said: “We were looking for a bespoke facility tailored to the requirements of our business. Rather than offering an ‘off the shelf’ package like many other banks, Lloyds Bank was flexible enough to accommodate our financing requirements whilst offering a facility which will grow with the business.”
Adam Barraclough, relationship director for Lloyds Bank Commercial Banking in South and East Yorkshire, said: “Westbrook is an excellent business supported by a visionary management team that has built a strong, global client-base. It has significant potential to expand its operations through further investment and this is exactly what our trade finance facility is designed to do.”
Mr Barraclough and Steve Palmer, trade director for Lloyds Bank Commercial Banking in Yorkshire, worked closely to develop a bespoke trade finance facility for Westbrook, including a monitoring system that accurately forecasts the level of working capital the firm needs on a daily basis in order to complete its trades.
Sheffield-based corporate finance specialists Castle Square, led by director Kevan Shaw, assisted the Westbrook Resources management team in identifying the right partner to fund the growth strategy of the business.
