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AD Bird Stainless secures funding for growth plans

Steel News - Published on Wed, 12 Dec 2018

Image Source: birdstst.com
Insider Media reported that steel supplier AD Bird Stainless is targeting growth after securing a seven-figure asset-based lending facility, provided by Wyelands Bank and facilitated by Liquidity Club. The company was established in 1987 and supplies stainless steel products and services. It works with industries including nuclear power generation, oil and gas, water, marine, petro-chemical, architectural, automotive, construction and general engineering. The business employs 23 staff from its headquarters on Sheffield Road in Penistone and is expected to achieve more than £7m turnover in the next financial year.

The ABL facility was structured by Ian Flaxman at Wyelands Bank, who worked with Adam Simpson at the Liquidity Club to tailor a finance package to support AD Bird Stainless' growth strategy.

Ms Nigel Bird, managing director at AD Bird Stainless, said that "The funding is a very important driver in our growth and allows us to manage our future plans. We are extremely busy with new orders and supporting existing customers, both in the UK and overseas, and I am excited to have the financial backing to invest for the future. This year we are on track to hit our forecast turnover which has been assisted by our increased focus in the marine sector."

Mr Adam Simpson, commercial director at Liquidity Club, said that "AD Bird Stainless is a fantastic business and I am delighted to introduce them to Wyelands Bank who have shown great flexibility and understanding to tailor an ABL funding package that fits their needs perfectly. It liberates the cash held within AD Bird Stainless' company assets, thereby giving faster access to substantial sums of working capital."

Mr Ian Flaxman, managing director, working capital solutions at Wyelands Bank, added that "At Wyelands Bank, we were set up to help businesses just like AD Bird Stainless to trade, grow and create jobs. By supporting small and medium firms, providing the business finance they need to trade effectively, we fill a vital gap in the market. We give customers direct access to decision makers and work together to find the right funding solution for them, as this deal with AD Bird Stainless demonstrates."

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Posted By : Nanda Koijam on Wed, 12 Dec 2018
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