Growth in store for Metalrax
Birmingham-based industrial storage manufacturer, Metalrax Storage, today announces a Management Buy-In (MBI) of the company to enable expansion.
Manchester-based TMG Corporate Finance negotiated the acquisition with a new finance facility provided by independent Invoice and Asset Based Lender Venture Finance. Venture provided Metalrax’s new owners with a Confidential Invoice Discounting facility coupled with a plant and machinery loan worth £150k, unlocking essential working capital for growth. In addition, the owners raised and invested £100k.
TMG leveraged this finance facility to negotiate deferred payment of part of the value of the contract, and worked tirelessly to ensure that the MBO completed on time. Nick Cattell, Associate Director at TMG Corporate Finance, comments: “We approached a number of funding providers. Venture responded very rapidly and this, together with the flexibility and funding options available, was one of the main factors in our decision to go with them.”
Marko Ivanovic, Managing Director and Executive Shareholder at Metalrax, comments: “Metalrax’s main customer-base is in the commercial and industrial sectors but I see huge potential to move into other sectors, particularly retail. The Invoice Discounting is vital in providing us with the working capital we need. We couldn’t move forward without the funding we secured.”
Metalrax is an established supplier of products and solutions to industry, government and public bodies such as the emergency services and education authorities. Its customers include Her Majesty’s Courts Service, the National Museum of Wales, Next, Boots and Argos.
Martin Clark, Business Development Manager at Venture, comments: “As the UK economy recovers, businesses are starting to shift their focus from survival to growth. Asset Based Lending is an increasingly viable option to enable businesses to seize these opportunities and secure their position in the race to recovery.”
Read more at www.venture-finance.co.uk