Refinance agreement helps CNC machine specialist expand business
Find out how we worked with a Cornwall-based CNC machine specialist to release capital from their existing assets to invest back in the business.
Background
Restormel Machine specialises in the CNC machining of precision components for companies across a wide range of industries and sectors including automotive, medical and food production. The business is a long-standing customer of Close Brothers Asset Finance and we have worked with them on several agreements over the years.
Challenge
The business was looking for a cash injection to invest in improvements across their business to help them develop further. Recently they expanded their premises to include an additional 6,000 square feet of space. The business also wanted to purchase equipment to facilitate a more efficient direction of operating.
To raise the capital, Managing Director of Restormel Machine, Barry Kennett contacted Jonathan Weston, Regional Sales Manager with Close Brothers Asset Finance for a funding solution.
Solution
Jonathan suggested using a refinance product against Restormel’s existing machinery. By using a Sale & HP Back agreement, the business was able to use multiple CNC machines as collateral, helping them to secure the necessary funds. Jonathan's many years of experience ensured the tailored structuring of the agreement to suit the specific needs of the business.
Outcome
This collaboration demonstrates the power of tailored financing solutions. Through the Sale & HP Back agreement, the business secured funding to help them embrace sustainability measures and expand their physical footprint, ensuring sustained growth and competitiveness.
"Restormel Machine's commitment to growth and innovation in the CNC industry is impressive. The agreement we have structured with them exemplifies the value of tailored finance solutions in driving meaningful progress." - Jonathan Weston, Regional Sales Manager, Close Brothers Asset Finance
"At Restormel Machine, we believe in strategic investments to bolster our capabilities. Jonathan and the whole team at Close Brothers Asset Finance have helped to enable us to make crucial advancements, setting the stage for our continued success." - Barry Kennett, Managing Director, Restormel Machine
Products and services are subject to eligibility, status, terms and conditions and availability. All lending is subject to status and our lending criteria. The right to decline any application is reserved.
