A historic manufacturing firm has secured a £2.5 million invoice finance facility to support its working capital position.
Aldridge-based McKechnie Brass has agreed the new funding with Santander Corporate Banking, securing the future for 45 workers and promising to expand the businesses
McKechnie Brass is the last brass extrusion manufacturing company in the country, using scrap brass sourced in the UK.
The company produces brass rods and profiles for a range of products such as pins for plugs, door locks and padlocks, lift tracks and overhead conductive wire for the railway industry.
In March the company was bought by businessmen Nick Harrison and Peter Brown, who renamed it McKechnie Brass – its original name from 1871, when the McKechnie brothers started the company.
Since the acquisition, orders have increased by nearly 400 per cent and the business has had to recruit 15 additional employees to support this new demand.
Peter Brown, managing director at McKechnie Brass, said: “McKechnie Brass has a unique product in the UK and this agreement is important for our future success.”
Pete Drummond, business development manager at Santander Invoice Finance in Birmingham, said: “McKechnie Brass has a great history in the region and a strong plan for future growth, allied to a highly-qualified management team in Nick Harrison and Peter Brown, who have many years experience in the manufacturing sector.
“I am pleased that we have been able to provide the support they need.
“Santander Corporate Banking is committed to helping businesses to succeed and has seen a significant increase in the number of corporate customers we have in the Midlands.”