Millennium Assemblies Ltd receives financial backing from Close Brothers, leading asset and invoice finance providers.
Close Brothers has provided £1.25m worth of funding to support the acquisition of JJ Engineering (Birmingham) Ltd, which has been taken over by Millennium Assemblies Ltd.
This is welcome news to the region as 39 jobs have been saved, further demonstrating the financier’s commitment to helping businesses in and around Birmingham.
CEO of Close Brothers’ Commercial division, Adrian Sainsbury, said: “We’re absolutely thrilled that our tailored approach and quick turnaround enabled this acquisition for Millennium Assemblies. Our asset finance team provided funding for the purchase of the plant and machinery from the administrators of JJ Engineering and invoice finance will be used to facilitate ongoing working capital into 2015 and beyond.
“Transactions such as these certainly support the growing optimism amongst business owners; our quarterly research, the Close Brothers Business Barometer, revealed that 23% of companies in the West Midlands plan to expand in 2015.
“However, with 49% of those surveyed suggesting it’s as hard to access finance now as it was 12 months ago, it stands to reason that many are increasingly taking advantage of a wider range of funding solutions such as asset and invoice finance.”
Millennium Assemblies Ltd is part of the Millennium Manufacturing Group, which has further plans to increase their workforce and grow sales to £10m in the next two years.
Mr Sainsbury added: “Millennium Assemblies joins the many thousands of forward-thinking organisations that we’re working with to provide sustainable solutions to help them grow and prosper and we welcome conversations with other business owners looking for financial support.”