Industrial electrical engineering contractor PCS UK Ltd secures ABL facility from IGF
Industrial electrical engineering contractor, Process Control Services (PCS) has secured a £1 million ABL facility from Independent Growth Finance (IGF).
After two years of growth, the Derbyshire-based contractor required additional working capital resource to help drive further growth as they experienced increased customer demand following the first UK wide lockdown in spring.
PCS UK Ltd provides services on electrical projects, varying from initial development consulting, design calculations, installation, and commissioning on-site support for maintenance teams after projects are completed.
As the pandemic heightened in spring 2020, major projects for cement works and quarries were forced to pause. PCS contractors were unable to work on-site and the industry almost completely shut down for a month. The main priority for the management team was to take the actions needed to maintain employee well-being and support customers as they started to re-open through the summer months. To achieve this and ensure that the company was in a strong position to achieve further growth, IGF were approached to provide an ABL facility that would suit the needs of the business.
Jon Hughes, Director at IGF, commented, “PCS approached us through Panoramic Growth Equity looking for an ABL lender who would understand the business and recognise the opportunity it has to thrive when the pandemic is under control. We were able to provide a tailored funding package, to support the business through the current challenges and to increase the facility as the business grows.”
Jake Wilson, Investment Manager at Panoramic Growth Equity added: “We approached IGF because they are entrepreneurial. They understand different situations and how to provide a tailored funding package. In PCS’ case, using a people driven business model, we knew IGF could understand the business model and the key growth drivers involved, and be able to provide a tailored funding package to suit that. As IGF spent the time to really understand the business, this has ultimately been achieved.”
Danny Burns, Managing Director at PCS UK Ltd, commented: “The industries we’ve supported for the last two decades were hit hard by the pandemic, with many furloughing staff in every function. As a result, many of our contracts were put on hold. We needed access to funding that provided additional headroom for when the demand started to return. We have a strong inspection & maintenance business as well as good project opportunities on the horizon. PCS needed to be in a place to make the most of them.”