Find out how Close Brothers Asset Finance helped two existing team members at Able Tooling Limited to secure a management buy-out following the retirement of its founder and former owner.
Founded in 1989, Able Tooling Limited specialises in the design and manufacture of precision tooling for a variety of industry sectors including automotive, medical, food and aerospace. The business has a team of highly skilled toolmakers and machinists and has an established reputation for producing high quality products.
Long-term employees, Scott Lewthwaite and Carl Brazil were looking for a finance facility to provide funding for the acquisition of Able Tooling Limited from founder and former owner Nigel Rhodes.
Scott and Carl met with Simon Parker, Regional Sales Manager, Close Brothers Asset Finance to discuss their requirements.
Simon found the established business to be very well managed, with an extensive range of high-value machine tools. A valuation of the machinery was carried out and Simon was able to offer a structured refinance facility using the equity in the machinery as security for a Hire Purchase agreement, with the proceeds used to part fund the acquisition of the business.
Scott Lewthwaite the new Managing Director of Able Tooling said: “We are delighted to have the opportunity to take this established and well-respected toolmaking business to the next level, with the help of our partners, including Close Brothers Asset Finance. We have a team of skilled and dedicated toolmakers and some excellent machinery to take advantage of in our quest to double the turnover.”
Carl Brazil the new Production Director said: “We have always enjoyed a strong order book at Able Tooling and thankfully neither Brexit nor the downturn in the automotive sector has impacted us. We are fortunate to have a diverse customer base across a broad range of industry sectors.”