Atom bank has provided a loan of more than £950,000 to Zipex, the UK’s only zip manufacturer, to refinance the loan used for the company’s acquisition.
Zipex, based in Leicester, has operated for almost 40 years from the same site for three decades. Managing director Neil Cockerill, who joined the business 15 years ago, bought the company two years ago. The loan is on an interest-only basis, fixed for five years.
The case was introduced by Mark Jones, director at broker Copper Swan. Atom bank was chosen for its competitive rate, which was 0.5% lower than other offers, as well as higher maximum LTV and flexibility in addressing a case-specific issue that could have added significant cost.
Spencer Ford, regional business development manager at Atom bank, said: “This case shows how our approach is supporting UK businesses. The combination of straightforward underwriting, an efficient process and competitive pricing has meant Zipex has secured the funding it needed. We have made more than 100 improvements to our broker portal over the last year and introduced a simplified stressed interest rate to make the process quicker and deliver better value.”
Jones added: “Atom bank has become our first choice when cases have unusual elements. They have the appetite for these types of deals and the flexibility to manage them sensibly. With this case, some lenders might have been put off because the current management is relatively new, but Atom took a practical approach. The client has secured a good rate and felt supported throughout.”
