Meridian Metal Trading (MMT), the Sheffield-based independent steel stockholders and processor, has secured a 35 million finance facility to aid growth.
The finance facility, which had been offered by Secure Trust Bank Commercial Finance, will probably be used to offer the future development of MMT, along with meet current working capital requirements.
“The steel stockholding and processing publication rack highly competitive. As a way to maintain its competitive advantage and market positioning, it turned out imperative for MMT to get a strong and responsive financing partner with industry knowledge its corner,” said MMT’s Financial Director Steve Roadway.
“It is commonly restrictions on working capital that halts a growing company, and this also facility has allowed us to release income so we can improve and buy other parts of the corporation. We look forward to some continued cooperative working relationship with Secure Trust since we endeavour to exceed MMTs growth aspirations.”
Sean Powell, National Sales Director at Secure Trust Bank Commercial Finance, said: “The experienced management team at MMT have laid the foundations for a business with huge potential.
“Its reputation out there, alongside its unrivalled product range and capabilities make it one of many UK’s leading independent steel stockholders and processors.
“Our facility will grant this company to regulate its cash and commit to your immediate future. It’s an exciting time for MMT, and we’re awaiting seeing how a company progresses in the next three years or so.”
Brent Osbourne at Breal Consulting, who acted as advisor and introduced the offer, added: “We have known the MMT team over Two-and-a-half decades and they also approached us seeking a UK-based lender, which might provide them with a flexible type of new asset based lending facility (ABL) and the confidence of any finance partner that can meet their future aspirations.
“Secure Trust Bank (STB) responded immediately and arranged to meet with MMT within the few days using a visit on the senior STB team.
“The bond was immediate, indicative terms followed quickly additionally, the go on to financing was professional and slick. STB to us may be a major player from the large ticket ABL market using a flexible, speedy and understanding approach.”