Cynergy Business Finance has provided a £17m asset-based lending facility to Lancashire-based Steel Dynamics Group, supported by an equity investment from Bolt Industries.
The funding, which combines invoice discounting, inventory finance, asset finance and a cashflow loan, is intended to bolster liquidity and support the company’s expansion. It will also enable Steel Dynamics to meet strong demand across its divisions, which supply and process stainless, carbon and non-ferrous materials for nuclear, offshore and petrochemical applications.
Steel Dynamics, founded in 2011, has built its reputation around advanced cutting technologies, including the UK’s largest 14m x 4m waterjet cutting machine. The group operates through Steel Dynamics UK, Offshore Stainless Supplies and P&P Bornmore Metals.
North West accountancy and advisory firm Cowgills, led by debt advisory partner Benjamin Day, advised on the refinancing. Interpath Advisory and European Valuations carried out due diligence, with legal advice provided by Bermans. AB Corporate supported the investment from Bolt Industries and Mills & Reeve advised Steel Dynamics.
Danny Monksfield (pictured), corporate sales director at Cynergy Business Finance, said: “We’re proud to support Steel Dynamics Group at a pivotal stage in their growth journey. This funding demonstrates our commitment to backing ambitious, high-performing businesses that are driving the UK’s industrial sector forward.”
Ian Griffiths, chief executive of Steel Dynamics Group, said: “Partnering with Cynergy Business Finance and Bolt Industries has given us the financial flexibility and confidence to accelerate our growth plans. Their understanding of our industry and tailored funding approach made them the ideal partner for this next phase.”
Benjamin Day of Cowgills added: “Cynergy were superb throughout the process and very thorough in their approach to understand the business and to come up with a funding structure that works.
“Their unrivalled access to senior members of their team really helped build the relationship in the lead up to completion.”
