Midlothian engineering specialist welcomes £750k funding line
A specialist engineering solutions provider which fell into administration earlier this year has set its sights on achieving a £6 million turnover within the next two years after a £750,000 funding facility was provided by Bibby Financial Services (BFS).
Pentland Material Supply Ltd. provides specialist engineering services, including laser cutting, sheet metal work, fabrication and powder coating, serving a diverse range of customers across multiple sectors.
Formerly known as Pentland Precision Ltd., the Loanhead-based business was founded in 2001 and has an established customer base across Scotland covering a wide range of sectors including oil, gas and wind.
In September this year, the business called in the administrators after struggling with debts for several years. Ronnie Stokes, of BFS’s corporate team in Scotland, with support from Alan Anderson, managing director of TSF Finance, worked closely with KPMG to structure a deal to provide fresh finance to the business.
The £750,000 funding line has protected the jobs of more than 30 employees and enabled managing director Robert McCartney to resurrect Pentland Precision Ltd. under the new name of Pentland Material Supply Ltd.
Mr McCartney welcomed the funding and said the firm has a healthy pipeline of orders.
He added: “We needed to find a funder that could breathe new life into the business. BFS spent time to get to the heart of our business and moved quickly to put a facility in place that met our needs.
“The funding from BFS boosts our working capital and, crucially, has helped us to retain our employees. The business has substantial orders in the pipeline and we are very happy to have BFS on board as we take the business forward.”
Ronnie Stokes said: “Pentland Material Supply Ltd. has a strong presence across Scotland so we were keen to provide them with a funding solution. Within a tight timescale, we were able to structure a facility that met the firm’s financial requirements and managed to protect 35 jobs.
“The team have ambitious plans for the future and a healthy growth model. We’re thrilled to support Robert and the team as the business enters this exciting new phase.”