£2.5m facility secured by McKechnie Brass
Aldridge-based McKechnie Brass has secured a £2.5m invoice finance facility from Santander. The manufacturing company took the investment to support its working capital position.
The company was bought by businessmen Nick Harrison and Peter Brown earlier this year, securing jobs for the company’s 45 employees.
Since the acquisition, orders have increased by nearly 400 per cent and the business has recruited an additional 15 employees to support the demand.
Santander Corporate Banking provided the lending facility and will also provide an invoice discount service, which will help McKechnie Brass receive prompt payments for its goods and improve its cashflow position.
Peter Brown, managing director of McKechnie Brass, said: “We are delighted with the facilities we have arranged with Santander Corporate Banking. McKechnie Brass has a unique product in the UK and this agreement is important for our future success.
"Cashflow is the lifeblood of any business and is key for our plans for future growth and therefore the invoice discounting service we have secured will prove invaluable.”
