Almost £9m has been secured by a steel manufacturer in St Helens which includes £750,000 of Covid-19 support.
Hi-Tech Steel Services has received a £8.75m funding facility that also features £750,000 Coronavirus Business Interruption Loan (CBILS) from Independent Growth Finance (IGF).
The Merseyside-based company said it required additional working capital to support growth and assist it during the height of the pandemic.
Hi-Tech Steel Services processes 2500 tons of strip mill product each month on a variety of equipment.
The purpose of the funding was to support the business through the Covid-19 transition and aid the growth of its sister company, Hi-Tech Resourcing, located in Bridport, Dorset.
Funds were raised through a combination of invoice financing and a CBILS loan.
Richard Spielbichler, ABL director at IGF, said: “Hi-Tech Steel were looking for an ABL provider that could offer them support pretty quickly.
“We were pleased to see the business stay resilient during a difficult time for their industry.
“We worked hard to understand the needs of the business and put the business back on a positive trajectory which they are now seeing pre-Covid levels of trade again.”
Steve Wells, commercial manager at Hi-Tech Steel, added: “The business was heavily disrupted due to the pandemic.
“We are now in full recovery mode, with current tonnage levels at 120% of our pre-pandemic average.
“As a result, we were looking for additional working capital to support growth.
“What impressed me the most about IGF was their professional approach and commitment to close this deal in just two months.
“It is a testament to how dedicated and thorough the IGF team are.”
