Wyelands Bank, set up to help small and medium businesses, has completed a seven-figure asset-based lending deal with AD Bird Stainless Limited, a supplier of precision, specialist, stainless steel.
The Wyelands Bank deal enables AD Bird Stainless to acquire AKM Steels, suppliers of quality tool steels for the engineering industry, to expand its product range and expand into serving new markets and customers.
Manufacturing and industrial businesses typically have difficulty raising money through traditional banks who do not have the time to get to know their customers.
Wyelands Bank will provide AD Bird Stainless with the funding it needs to grow the enlarged business through a loan structured to meet the business’s working capital requirements. The bank provided an initial working capital facility to AD Bird Stainless last December.
Ian Flaxman, managing director, working capital solutions at Wyelands Bank, said: “At Wyelands Bank we help manufacturing and industrial businesses to unlock growth. We do this by getting to know the firms we help and providing tailored and individual funding solutions to meet specific needs.
“By supporting small and medium firms, providing the business finance they need to grow, we fill a vital gap in the market. Our second deal with AD Bird Stainless demonstrates our approach to helping businesses to trade, grow and create jobs.”
AD Bird Stainless Limited, a family-run business based in South Yorkshire, are specialist suppliers and in-house processors of stainless steel long bar products. The business supports a wide range of sectors from oil and gas to marine and general engineering. The business was established in 1987, employs 22 people and has seen significant organic growth in recent years.
AD Bird Stainless’s acquisition of AKM Steels, which employs six people, is a strategic move to expand its range of product portfolios and steel grades. This will make it better placed to serve the engineering and tool making sector.
Nigel Bird, MD of Bird Stainless comments: “This funding with Wyelands Bank was critical to help us to bring AKM Steels into our fold. The bank’s team took the time to get to know our business and ensure the solution met our needs.
“Like us, AKM Steels is a longstanding South Yorkshire family business offering quality product, fast delivery times and excellent technical support. It will give us a much wider product offering benefitting the customers of both companies.”