ThinCats supports Acetech Metals in purchase of large-scale premises
ThinCats, the alternative lender to mid-sized SMEs, has provided a £3.25m funding package to support scrap metal recycling business Acetech Metals with the purchase of a large scale premises in Scunthorpe.
Founded in 1998, Acetech is a player in the metals recycling sector, offering an unparalleled combination of innovation, technical expertise and resources. Operating from their own purpose designed premises as well as within steelworks sites, they offer an impressive fleet of plant equipment and machinery (including two of the world’s biggest hammers) and an expert team working to the highest levels of safety and workmanship.
The funding will support the purchase of a new 20 acre site with 180,000 sq.ft. of steel framed buildings, which when fully developed will be one of the largest specialist metals processing facilities in the North of England. Acetech’s products are utilised as feedstock by steelmakers and aluminium smelters in the UK, Europe and elsewhere, reducing the usage of virgin materials and providing major environmental benefits. At current levels of output Acetech’s recycled products save in excess of 130,000 Tonnes of CO2 per annum and the new premises will allow this saving to be more than doubled in the next two years.
ThinCats were advised by Kevin Steven of Pierce Corporate Finance and legal support provided by Ben Slack and Andrew Curtis at Clarion Solicitors. Acetech were advised by Dan Hunt of Simple Commercial Finance and legals were provided by Michael Kidd at Lupton Fawcett.
Jonathan Wells, Chairman, Acetech: “The acquisition of the major new premises in Scunthorpe represents an important step for the business. We are excited about the future and look forward to continuing to deliver market leading services, whilst upholding the highest standards in health and safety and increasing our already substantial contribution to decarbonising the steel and aluminium production industries. We are delighted to have found a like-minded funding partner in ThinCats, who have supported our vision for the growth of the business.”
Dan Hunt, Simple Commercial Finance: “We are very excited to support Acetech in its next phase of growth and it was fantastic to work alongside the team on this transaction. With the purchase of the new site, the business is in an excellent position to continue growing its specialist services. We thank Ben and the team at ThinCats for their support in delivering the funding package.”
Ben Kimball, Director Regional Business Development, ThinCats: “We are keen to support ambitious businesses like Acetech. The knowledge and experience within their team, combined with their impressive track record in providing innovative, safe and environmentally sustainable solutions, will I am sure see Acetech continue to lead the sector in terms of service delivery and innovation.”