Aldermore bank has provided a multi-million pound asset based lending (ABL) suite of facilities to Michael Capewell’s Astwood Group to support in the acquisition of T.D. Cross Limited, trading as Cross and Morse.
The facilities provided support the businesses acquisition, the ongoing working capital, and its growth plans.
Capewell took over stewardship of Cross and Morse from David Shadbolt and Mike Scudamore who have been with the business for over 40 years.
Mark Robinson, business development manager (BDM) 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.”
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 and 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.”
