LIVERPOOL CITY REGION MANUFACTURER SECURES MULTIMILLION-POUND BOOST
A Liverpool City Region headquartered manufacturer has secured an £8.75m funding facility after requiring fresh capital to support its growth during the ongoing pandemic.
Hi-Tech Steel Services, based in St Helens, processes 2,500 tons of strip mill product each month on a variety of equipment.
With roots stemming back to 1992, it has forged partnerships with independent and multinational customers across Europe working largely in the construction, white goods and automotive sectors.
During the first lockdown, Hi-Tech Steel was hit with “significantly slower” levels of demand.
To counter the downward trend and avoid disruption, the company sought out a new funding partner to support it through the Covid-19 transition and aid the growth of its sister company, Hi-Tech Resourcing.
Hi-Tech Steel was introduced to Independent Growth Finance (IGF) in October 2020 and it has now secured an £8.75m funding facility, which includes a £750,000 Coronavirus Business Interruption Loan (CBILS).
Commercial manager Steve Wells said: “The business was heavily disrupted due to the pandemic. We are now in full recovery mode, with current tonnage levels at 120 per cent of our pre-pandemic average.
“As a result, we were looking for additional working capital to support growth.
“What impressed me the most about IGF was their professional approach and commitment to close this deal in just two months. It is a testament to how dedicated and thorough the IGF team are.”
Richard Spielbichler, ABL director at IGF, added: “We were pleased to see the business stay resilient during a difficult time for the industry.
“We worked hard to understand the needs of the business and put the business back on a positive trajectory which they are now seeing pre-COVID levels of trade again.”
For more information visit the Home – HI TECH Steel Services website