Wyelands Bank, set up to help small and medium businesses, has completed a seven-figure asset-based lending deal for AD Bird Stainless Limited. The deal will help the supplier of precision, specialist, stainless steel to grow.
Manufacturing SMEs typically have difficulty raising money through traditional banks, which may reject smaller businesses because of their “computer says no” environment.
The Wyelands Bank deal will free up working capital, enabling AD Bird Stainless Limited to take on new orders and invest for the future. AD Bird Stainless Limited is forecast to achieve more than £7m this financial year, which demonstrates substantial growth over the previous year.
Wyelands Bank will provide AD Bird Stainless Limited with the funding it needs to grow through a loan structured to meet the business’s working capital requirements. The loan will increase flexibly and will be driven by the working capital assets owned by AD Bird Stainless.
Ian Flaxman, managing director, working capital solutions at Wyelands Bank, said: “At Wyelands Bank, we were set up to help businesses just like AD Bird Stainless Limited to grow and create jobs. By supporting small and medium firms, providing the business finance they need to grow, 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 Limited demonstrates.”
AD Bird Stainless Limited, a family-run business based in South Yorkshire, supplies precision, specialist, stainless steel products and services. The business was established in 1987 and now employs 23 people. Today the business is run by Nigel Bird, the son of the founder Derek Bird. Nigel Bird, managing director at AD Bird Stainless Limited, said: “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. This year we are on track to hit our forecast turnover which has been assisted by our increased focus in the marine sector.”
Wyelands Bank worked with Liquidity Club which arranged the deal. Adam Simpson, commercial director at Liquidity Club, said: “AD Bird Stainless Limited is a fantastic business and I am delighted to have introduced them to Wyelands Bank. Wyelands Bank has shown great flexibility and understanding in delivering a tailored working capital solution that fits the business’s needs. This deal frees up the working capital that AD Bird Stainless Limited needs to grow.”