Fundamentals Limited secures £2m CBILS funding

Covid-19 News | Funding | Manufacturing | South West

Telford-based Hitherbest Sheet Metal Fabrications has been supported by the Manufacturing Growth Programme

Shaw & Co, the specialist corporate finance advisory firm has announced that it has helped existing client, Swindon-based Fundamentals Limited (Fundamentals) to secure a £2m emergency CBILS loan from Lloyds Bank.

As a result of COVID-19, Fundamentals Ltd, a manufacturer of voltage control solutions for the UK’s Power Grid, started to experience a significant interruption to its previously thriving business. In addition it needed to continue to invest in both its workforce and future R&D to avoid further negative impact beyond the pandemic.

Shaw & Co helped the company to identify, and secure, a CBILS loan adequate to cover its anticipated working capital and pre-crisis investment needs over the next 12-18 months. With appropriate working capital headroom in place the business will now be well placed to fully withstand the current and anticipated medium-term economic hardships.

To allow Fundamentals’ owners to focus on running the business, Shaw & Co supported and streamlined the application process and led successful negotiations with the proposed, and ultimately the actual lender, Lloyds Bank who subsequently approved the £2m loan.

This loan will enable Fundamentals to maintain its strong UK presence with its core product and service offering. The funding will also enable the Company to carry out its planned expansion overseas and the product and service development required to maintain its pre-eminent market positioning.

Jon Hiscock, Managing Director, Fundamentals commented: “Shaw & Co did a fantastic job for us and we are very pleased we engaged their great team to help us with our CBILS application. The team acted professionally but with a personal touch which provided great comfort and confidence. They took the main burden of the project, allowing us to focus on our business safe in the knowledge that their clear expertise would maximise chances of success.”

Jim Shaw, founder and CEO of Shaw & Co, added: “This was an interesting challenge for us. Fundamentals is a classic victim of the current pandemic; a successful, market-leading business that has been adversely affected by circumstances beyond its control. But, with the benefit of the right level of interim financing they will emerge from this economic hardship ready to face the challenges of the next decade and beyond. We were delighted to be able to help them achieve this critical objective.

“I would also like to thank the team at Lloyds Bank for recognising the potential in Fundamentals and supporting them swiftly in their hour of need.”

Did you enjoy reading this content?  To get more great content like this subscribe to our magazine

Reader's Comments

Comments related to the current article

Leave a comment

Your email address will not be published. Required fields are marked *