Midlands metal specialist set to scale up

AMJun19News - aerocom
AMJun19News - aerocom

One of the UK’s leading metal suppliers for the aerospace and defence industries is eyeing fresh growth with Yorkshire Bank’s support.  

One of the UK’s leading metal suppliers for the aerospace and defence industries is eyeing fresh growth with Yorkshire Bank’s support.

Aerocom Metals has secured £875,000 of lending from the Bank to launch a brand-new nickel alloy tube product range. The business has been awarded a major contract with an overseas aerospace client and the new product range, which aims to offer more availability on long lead-time items, will be an important part of this work.

Aerocom Metals is expanding its footprint in the market and has seen an increase in demand for its goods and services from the aerospace industry in particular. The Bank’s support will also allow the business to refinance existing debt at a more competitive rate, in order to free up extra working capital to invest in its future growth strategy.

Speaking about the deal, Paul Smith, director at Aerocom Metals, said: “Thanks to our fast growth in recent years we were in a position to go to the market and look for new funding opportunities. We found that Yorkshire Bank’s flexible Invoice Financing was a great fit for us.

“We are eyeing a target of £4 million in revenues by the end of this year, and because high value aerospace tubular products are a key growth area for us, the funding will play a significant role in helping us hit that target. We look forward to working closely with the Bank and we are grateful for their support.”

Established by Directors Paul Smith and Simon Littleford in 2008, Aerocom Metals has 11 staff based out of its corporate headquarters in Coventry.

The business started out by supplying high-strength tubes for restoration projects including Spitfires and Hurricane (aircraft) fuselages, roll over protection systems for race cars and modern-day aircraft interiors.

Today, it provides a range of products to suit the needs of aerospace, defence and motorsport clients including high quality titanium alloys, waspaloy, Inconel and stainless steels and currently boasts one of the largest off-the-shelf ranges of high strength steel and aluminium tube in the UK.

The deal was led by Peter Brooke, commercial relationship manager at Yorkshire Bank and Dave Hewitt, Asset Based Lending at the Bank. Speaking about the deal, Brooke said: “The UK’s aerospace and defence sectors in particular have seen strong growth in recent years, due to lucrative export opportunities for British businesses. Aerocom Metals is strongly positioned to take advantage of this trend and we’re proud to back them as a leading Midlands-based manufacturer.

“Our teams are committed to lending to enterprising businesses across the Midlands region to help them scale up and thrive.”

www.cybg.com

 

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