Andrews Fasteners has agreed a new £1.1 million invoice and inventory finance facility with Aldermore, the specialist lender and savings bank. The Leeds-based fastener supplier provides quality assured products such as nuts, bolts and washers to construction and fastener industries in the UK, mainland Europe, the Middle East and the Far East.
Andrews Fasteners was established over 100 years ago and their innovations have become standard practice within the fastener industry. The company revolutionised how bolts are packaged, presented and delivered to construction companies around the world - it was the originator of the colour coded bag system.
Andrews Fasteners’ products are typically used in the construction of bridges, buildings, stadiums, highways and railways. Their products have been used in many high-profile projects worldwide, the latest being the European Centre of Nuclear Research’s (CERN) Deep Underground Neutrino Experiment (DUNE) prototype, which is being built in Geneva.
Andrews Fasteners is targeting future growth by increasing its stock capacity to enable the business to serve more customers and increase its revenue streams. The company has enlarged its warehouse facilities in Leeds and is steadily expanding its customer base.
Michael Carey, Managing Director at Andrews Fasteners, commented:
“We’ve seen demand for our products increase significantly in recent years and we found ourselves in a position where we sometimes had to turn away business due to not having enough stock. More funding will enable us to ensure we have more products available for our customers to purchase, which in turn will help our customers to order the stock they need whilst also boosting the growth of the business.
“We chose Aldermore as they delivered on what they said they would do, both quickly and reliably, which helped us to focus our efforts on developing the business further and providing our customers with the products they need.”
Tom O’Dell, Business Development Manager for Invoice Finance at Aldermore, said:
“Andrews Fasteners is a well-established business with over 100 years of experience in its sector. Andrews Fasteners has developed market leading innovations, which are now standard practice in industry. These simple new ideas help to reduce wastage and delays on site, saving their clients time and money.
“Similarly, at Aldermore, our focus is providing the UK’s SMEs with the tools to achieve success. This might be through asset finance, commercial mortgages or, as in this case, a tailored invoice finance and inventory funding facility. The flexible facility provided is a great demonstration of our full asset based lending options for our customers.
“We’re pleased to have been able to provide funding for what is an impressive business and hope to see the firm continue to grow in the future.”
For further enquiries, journalists can contact:
Ali Rolls, PR Manager
Phone: 0208 185 3129
Mobile: 07341 868259
Constanze Ullmann, Cicero Group
Phone: 020 7297 5978
Mobile: 07741 313 878
Aldermore Group PLC is a specialist lender and savings bank offering straightforward products to Small and Medium-sized Enterprises (SMEs), homeowners, landlords and individuals, who we believe are often poorly- or under-served by the wider market.
Aldermore has no branch network but serves customers and intermediary partners online, by phone and face to face through its network of regional offices located around the UK.
Building on its core values of being reliable, expert, dynamic and straightforward, Aldermore aims to deliver banking as it should be.
Established in 2009, Aldermore has grown significantly. At the end of March 2016, lending to customers stood at £6.5 billion and customer deposits totalled £6.2 billion.
For more information, please visit www.aldermore.co.uk.
Aldermore Bank PLC is an operating entity of Aldermore Group PLC. In March 2015, Aldermore Group PLC’s shares (ALD.L) listed on the Main Market of the London Stock Exchange.
Aldermore Bank PLC is regulated by the Prudential Regulation Authority and the Financial Conduct Authority and is registered under the Financial Services Compensation Scheme.