Aldermore bank has provided a multi-million pound asset based lending (ABL) facility to Astwood Group to support in the acquisition of T.D. Cross Limited, trading as Cross and Morse.

The funding supported the businesses acquisition, the ongoing working capital, and its growth plans.

Based in Birmingham, the business was established in the 1800s and provides specialist engineering and manufacturing services to clients around the world.

AT THE HELM

Michael Capewell takes over stewardship of Cross and Morse from David Shadbolt and Mike Scudamore, who have been with the business for over 40 years.

Aldermore’s ABL facility gives SMEs access to funding by releasing the funds tied up in existing assets, such as debtors, machinery and property and therefore, allowing businesses the ability to continue to grow and expand their operations.

Mark Robinson, business development manager for invoice finance at Aldermore, said: “We are delighted to work with Michael, providing him with a tailored solution to support the transaction.

“We’re excited to see his growth plans for Cross and Morse, building on the success of the business to date.

“At Aldermore, we’re committed to empowering SMEs like Cross and Morse by providing flexible funding solutions that unlock the value in their assets, enabling them to drive innovation and success.

“We’re proud to play a part in their next chapter and look forward to seeing their continued progress.”

“Aldermore provided a dedicated and bespoke financing package that was an excellent fit with the business”

Capewell added: “I am delighted to have completed the acquisition of Cross and Morse, strengthening my partnership with Aldermore Bank. Aldermore provided a dedicated and bespoke financing package that was an excellent fit with the business.

“From my first meeting with Mark we were both impressed with the stability, history and brand of Cross and Morse, making it a superb fit with Astwood Group’s objective of seeking to own and grow established engineering businesses in the Midlands.”

The transaction was supported by Heligan Group (Corporate Finance), RJS, mfg solicitors (Legal), and Attwoods and Prime Accountants (Tax & Accountants).

Matt Croker, director of Heligan Corporate Finance, said: “It has been great to work with the Cross and Morse team on this successful transaction. We are pleased we were able to find a buyer who we think will be a true custodian of the business. We are pleased to have delivered a successful outcome for both the shareholders and the business.”