UK challenger bank Aldermore has provided a £2.11m (€2.81m) invoice and asset finance facility for the buyout of UK steel manufacturer Thomas Storey.

Manchester-based Thomas Storey, produces steel fabricated products for British companies including JCB, Dennis Eagle and Urenco. The manufacturer employs 110 people.

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The deal consisted of a £1.75m invoice finance line and £360,000 in asset finance funding.

David Houghton, the new chairman of Thomas Storey Fabrications Group said: "Thomas Storey is a robust business with a skilled and dedicated team of employees; we are thrilled to have been able to keep the entire team in place through the acquisition.

"The manufacturing industry in the North West is fiercely competitive at the moment and we’re well placed to support its growth. In the past too many Northern manufacturers have failed to receive the attention they deserve, but I’m hopeful that efforts to realise the Northern Powerhouse and the improving local economy will rectify this and enable businesses here to reach their potential."

Carl Finlayson, invoice finance senior regional sales manager at Aldermore said: "Thomas Storey exemplifies the potential of the North West’s manufacturing industry. Many fears have been raised about the future of the UK steel industry, so Thomas Storey provides some timely good news.

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"There are a large number of SMEs out there who are really well-positioned to make the most of the improving economy across the UK. By supporting Thomas Storey, we hope we are able to help the company meet its potential and at the same time provide a boost to the economy in the North West of England."