Arbuthnot Commercial Asset Based Lending (ACABL) has delivered an £8m financing package for Polar Technology Management Group (Polar Technology).
The flexible funding facility, which comprised an invoice discounting line, a Recovery Loan Scheme facility, and a Plant & Machinery term loan, has created increased headroom for growth, resulting in a reduction in overall funding costs.
Andrew Rutherford, commercial director at Arbuthnot Commercial ABL, said: “Polar Technology is an exciting business and a fantastic example of British engineering at its finest, driving sustainable solutions in markets where energy efficiency and high performance are imperatives.
“We were delighted to have the opportunity to work with the highly experienced and forward-thinking management team and to deliver a comprehensive funding package that fully meets their growth objectives.”
Polar Technology has a manufacturing site just outside of Oxford, making carbon fibre bonded to metal components for distinguished global brands in aerospace, medical, energy and high-performance automotive markets, such as Formula 1 and others exclusively focused on electrification
The Group delivers products and technology-based solutions from advanced composite materials, emerging metal processes and metallic fabrications through its brands, Lentus Composites and SST Technology.
Paul Janes, chief financial officer at Polar Technology Management Group, added: “We decided to run a refinancing programme and went to the market with a comprehensive information memorandum requesting credit-supported offers.
“The team at Arbuthnot Commercial ABL took a real interest and desire to understand the dynamics and nuances of our business, its history, and its future trajectory.
“They offered a much broader and more holistic view than the other lenders and looked at ‘the art of the possible’ to tailor a combination of facilities to meet our needs.
“From the first meeting through to completion and onboarding, their team has been brilliant to work with, and they made it clear to us that they were looking to build a long-term partnership.
“Given the increased headroom from the new facility, the support of a committed lender and a strong pipeline, we can now look forward to building upon pre-pandemic levels and achieving year-on-year, double-digit growth.”
