West Yorkshire-based company Abbey Artstone which manufactures cast stone products has secured funding from Reward Capital and Skipton Business Finance.
West Yorkshire-based company Abbey Artstone which manufactures cast stone products has secured funding from Reward Capital and Skipton Business Finance. The deal was arranged by Andrew Ward of Reward Capital, advised by Clarion and Steve Jones of Fox Lloyd Jones. Allan Underwood arranged the deal on behalf of Skipton Business Finance.
Leeds funding provider Reward Capital, together with Skipton Business Finance, has been able to replace the company’s previous banking facility by providing a refinancing and working capital facility that will enable Abbey to grow.
The company, which has been trading for over 20 years, has an 80,000sq ft precast concrete works in Keighley, one of the largest in the UK, and employs more than 60 staff. The company has established a reputation as a leading supplier of cast stone products such as balustrades and planters to a wide range of customers in the construction sector, including new house building, commercial property and refurbishment.
Kim and Tim Phelps, joint managing directors of Abbey, commented: “With confidence returning to the construction market, the bespoke funding package provided by Reward Capital will enable us not only to fulfil our existing order book which is currently at a level not seen for several years, but also to expand to cope with increased demand as we feel the benefits of the recovery.”
Andrew Ward, managing director of Reward Capital commented: “This business has a bright future ahead, but needs a funding structure specific to its needs that will allow it to take full advantage of the upturn in the market.
“With traditional sources of funding still under pressure, we are finding that many businesses are coming to us to provide bespoke financial packages. Emerging from a recession can be one of the most difficult periods for SMEs and we believe supporting local manufacturing will be crucial to the economic recovery.”
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