Wed, 17 Jan 2024 | BUSINESS NEWS
Weldfast, a Staffordshire-based wholesaler of welding, cutting and safety equipment, is set to continue its acquisitive growth after securing a new funding package. The company has secured a £10 million facility from Secure Trust Bank Commercial Finance.
The facility comes on the back of a period of significant growth for the business, including several bolt-on acquisitions over the past year. The company, which was established in 2007, also recently moved into a new, purpose-built distribution facility in Newcastle-under-Lyme.
According to company founder Steve Nixon, the company is using acquisitions as part of its long-term growth plan as it seeks to become a leader in its sector.
Nixon added: "The facility we have received from STB CF and Newable will help us to continue growing the current business whilst bolstering acquisitions and new business at the same time, allowing us to expand our current offerings to existing markets and beyond."
Matt Broomfield, Regional Sales Director at Secure Trust Bank Commercial Finance, added: "It has been a delight to work with Weldfast following initial discussions we had with the team and seeing the business go from strength to strength.”
"Working alongside Newable has demonstrated the ability for different financial providers to collaborate on transactions of this size, whilst collating a pool of expertise to deliver a solution that can grow with the business.”
"This means we have been able to offer a flexible finance option that has Weldfast's plans at its core, which will aid the acquisition of other businesses and the overall growth of Weldfast over the coming years."
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