The company, which was established in 1956, specialises in construction projects across the UK and offers clients an end-to-end service spanning consultancy, design and installation services on site. In early 2015, it acquired Henry Smith Constructional Engineers Ltd and now boasts 46 staff, many of whom have been in the structural steel business for over 30 years.
Developing a reputation for delivering on-time and on-budget solutions, MA Steel is now forecasting a turnover of £7million over the next 12 months. The new funding from Aldermore will allow it to meet its projected targets and finance slow-paying accounts.
Gerard Kitching, Managing Director at Material Applications Ltd (MA Steel) said: “We are a major player in the steel industry. However over the last two years we have been acutely aware that we needed an injection of cash to reach the next level in our growth. As we pride ourselves on our personal and collaborative approach with our own customers, we wanted a finance partner with a similar ethos.
“When we were introduced to Aldermore we knew the fit was right. Our specially assigned team at Aldermore immediately demonstrated a strong desire to deliver a bespoke funding solution in a very short space of time and we found the Bank extremely easy to work with throughout the deal. The expert advice and support it provided has allowed us to free up working capital and we look forward to making the most of the opportunities that this facility has now provided us with.”
Karen Allen, Head of Specialist Finance at Aldermore, said: “Material Applications Ltd is an ambitious company and ever since we were introduced to the business, we knew that we very much wanted to help reach its business goals and potential. We have a strong working relationship and we’re delighted to be able to provide MA Steel with the support needed to ensure its continued success throughout 2017 and beyond.”
For further information, journalists can contact:
Carmel McCarthy, Aldermore
Phone: 020 3553 4216
Mobile: 07464 644754
Tom Pavey-Smith, Lansons
Phone: 020 7294 3606
Mobile: 07917 165588
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