Celsa Steel agrees £55m refinancing package
The Birmingham operation of Celsa Steel Service UK is set to benefit from a £55m refinancing deal with Burdale Financial and RBS Invoice Finance.
Celsa said the comprehensive asset based lending deal would be used to refinance its UK operations in Birmingham and Cardiff, which specialise in manufacturing reinforced and engineered steel products.
Funding will provide ongoing working capital funding for the future growth and development of the two businesses, said Celsa.
Steven Chait, head of new business at Burdale Finanacial, said: "We are pleased to be able to support another British manufacturing business by providing a comprehensive asset based lending facility. This facility has been secured against the different categories of assets held by the companies and results in a single source of senior debt.
"We look forward to developing our relationship with the management team to achieve the strategic potential of both subsidiaries."
