Liquidity Club has arranged and advised a seven figure Asset Based Lending (ABL) facility for Penistone business AD Bird Stainless Limited. Liquidity Club worked with Wyelands Bank who acted as funders on the deal.
A family-run business, AD Bird Stainless Limited was established in 1987 and has quickly built up a reputation for the fast, efficient and reliable supply of quality, specialist, stainless steel products and services. The business employs 23 staff from its headquarters on Sheffield Road in Penistone and is forecast to achieve over £7million turnover this next financial year, which demonstrates substantial growth over the previous year. It works with a wide range of industries including nuclear power generation, oil and gas, water, marine, petro-chemical, architectural, automotive, construction and general engineering.
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 Limited’s growth strategy. The ABL line is a revolving facility that works by accessing cash held within the debtor book and assets, thereby giving AD Bird Stainless Limited access to working capital to assist future growth.
The business is today run by the second family generation of Nigel Bird, Managing Director, and son of 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, 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. The support provided by Adam Simpson at Liquidity Club throughout the process has been great, he has really understood our business and our growth strategy.”
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 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 Limited demonstrates.”
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