Pressmark Pressings
Pressmark Pressings is an automotive component manufacturer, making pressed parts. They're a Tier 2 supplier selling to Tier 1 companies.
The Challenge
In 2012 a management buy-out had left the company short of key management skills and underfunded. In July 2016 a new management team stepped in to purchase the company and promptly turned to ABN AMRO Commercial Finance for additional working capital finance to ensure the takeover would be successful.
The Solution
Alan Gardner, Financial Director says:
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Pressmark Pressing borrowed £500,000 over three years.
The Results
Alan and his team purchased the business just as it went into summer shutdown, when car companies wind down and sales are in decline. Receiving the EFG at this time provided the required contingency funding over this period and ensured the purchase could be completed.
Since the take over, Pressmark Pressings has gone from strength to strength. The company has a lot of potential and are producing very high quality components, employing a local and highly productive workforce.