19/09/2013

Bromford Completes £20m refinancing

 

Darwin owned Birmingham aerospace and gas engineering group Bromford Industries has secured a  £20 million asset-based finance package from Bank Leumi to support its continued growth and expansion.

The investment from Bank Leumi will enable Bromford, which has 300 employees, to accelerate its growth strategy and its growing global import operations.

The group will partly use the funding to purchase new state-of-the-art multi-tasking machines, which will support the delivery of some of its most significant customer contracts, including a 10-year agreement secured last year with global aerospace giant Messier Bugatti Dowty. The $60 million deal is to supply landing gear parts for the Airbus A350.

Mike Smith, CEO of Bromford Industries, commented on the refinancing: “This is a significant opportunity for both Bromford and Bank Leumi, and further supports and underpins our desire to be the manufacturer of choice to our customers whilst showing our continued commitment to invest in technology which allows us to operate in a global arena. The team and I look forward to building our relationship with Bank Leumi and the opportunities that this will bring in the future.”

Martin Risman, Regional Sales Director of Leumi ABL, commented: “Bank Leumi and Leumi ABL are delighted to provide a £20 million senior debt and asset based lending package that supports the growth aspirations of Bromford Industries. We recognise that a business of the quality and reputation of Bromford needs a commercial and responsive funding partner with detailed sector knowledge. We very much look forward to working with their highly committed management team to achieve their goals in the future.” 

 
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