£100 million funding to accelerate UK manufacturing growth
ThinCats, the alternative finance specialist, is making £100 million available to fund and support dynamic manufacturing businesses across the UK.
The funding in partnership with Hennik Edge, the networked advisory team for manufacturers, will see ThinCats support companies in the manufacturing sector that are looking to grow.
CEO John Mould explains: “This is great news for fast-growing manufacturing firms. Since 2011 we have lent £20 million to businesses operating in the manufacturing space, with 73 loans servicing 50 different companies.
“With this much-needed funding, and with the expertise of Hennik Edge, we can look to raise the pace of our lending even further.”
Steven Barr, managing director at Hennik Edge, said: “We’ve heard from frustrated manufacturers who need a different kind of finance from what’s on offer in the high street.
“This new release of £100 million of funding, backed by ThinCats, offers a great alternative for ambitious, growing SMEs.”
One manufacturer that has seen the benefit of working with ThinCats is Gainsborough Silk, a Sudbury textile weaver, which produces fabrics for Royal palaces, state buildings and grand residences across the world.
ThinCats provided a working capital loan of £500,000 and helped them ramp up production capacity with the purchase of additional looms and contributed to the modernisation of its dye house.
Mould added: “Gainsborough was not the simplest credit story, but we liked their market position and management. We were pleased to have been able to structure a deal that raises the investment capital the business requires and offers attractive returns to ThinCats investors.
“It’s a success story that this £100 million of funding will replicate many times over. We’re looking forward to working with other ambitious manufacturers over the coming months and years.”