SME funder Bibby Financial Services (BFS) has backed welding manufacturer Toolspec with £1.6m.
The funding came as £1.3m of invoice discounting and £300k in asset finance.
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Founded in 1961, Toolspec was part of Arc Specialist Engineering until last July, when it was acquired by Cable Capital Partners. It provides specialist parts to Jaguar Land Rover, JCB Excavators and Case New Holland, and registers an annual turnover of £6.5m.
Toolspec’s managing director, Jonathan Hartford, said: “There are a number of opportunities that we are looking at [in] areas such as rail and aerospace. We also see strong opportunities in our existing markets. Car production in the UK remains strong and with a lower pound, exports, which account for a quarter of our sales, are looking increasingly attractive.”
Meanwhile, Eliot Mosafi, managing director for Cable Capital, mentioned plans for “further strategic acquisitions in the sector such as sheet metal fabrication and powder coating that would diversify our portfolio and also create valuable synergies.”
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