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Hire Purchase & Sale and HP Back - ADV Manufacturing

Hire Purchase & Sale and HP Back - ADV Manufacturing

Company profile

From a standing start in 2010, ADV Manufacturing has established a modern and comprehensive plant that operates in the automotive and aerospace sectors specialising, but not exclusively in stainless steel brightware offering full design, engineering, prototyping and production manufacturing capabilities.

Based in Coventry, the company prides itself on its high skill levels and creative approach to meeting manufacturing requirements and thanks to significant investment in automation, has fast become a market leader.

Business challenge

As a start-up company in the midst of a recession, ADV Manufacturing struggled to find bank funding. Securing a healthy cash flow was essential, as without careful management, the business could have easily been stifled.

Another issue was finding appropriate funding for the unusual, specialised equipment that they required getting the business off the ground.

Solution

Our team had worked with the company's Chief Executive, Brendan O'Toole before, so we had confidence in him and his business plan. A deal was structured that allowed repayments to be spread out, thus easing cash flow and enabling the business to use working capital for other purposes, such as hiring staff and sourcing materials.

Close Brothers' specialist knowledge and contacts in the automotive industry meant we could lend against various machines that other lenders would not, such as large mechanical presses and robotic polishing cells. Close Brothers were able to put a deal together to the value of approximately £400,000.

Result

Thanks to the funding from Close Brothers, ADV Manufacturing was able to invest in the necessary equipment and begin trading. The business has grown dramatically over the past three years, now turning over more than £1 million per month.

"We have dealt with Close Brothers in the past and always found them professional and a pleasure to work with. With their assistance we were able to invest in the necessary equipment needed to enable us to secure new contracts and further grow our business."