ThinCats and Hennik Edge to accelerate growth of UK manufacturing with £100m of funding
ThinCats, the alternative finance specialist, is making £100m available to fund and support dynamic manufacturing businesses across the UK, and help take them to the next level of growth.
The £100m of funding in partnership with Hennik Edge, the networked advisory team for manufacturers, will see ThinCats use its UK-wide network of Origination Managers to support those companies in the manufacturing sector that require a level of capital to take their businesses forward.
ThinCats has an excellent track record of lending to UK manufacturers, as John Mould, CEO at ThinCats highlights: “This is great news for fast-growing manufacturing firms. Since 2011 we have lent £20m to businesses operating in the manufacturing space, with 73 loans servicing 50 different companies.
“With this much-needed funding, and with the expertise of Hennik Edge, we can look to raise the pace of our lending even further.
“ThinCats specialises in providing funding that, in many cases, the high street banks cannot. Whether it’s for working capital, acquisitions, asset purchase or refinancing, we will help to ensure that manufacturing continues to be the lifeblood of the UK economy by supporting growth across the sector.”
Steven Barr, Managing Director at Hennik Edge said: “We’ve heard from frustrated manufacturers who need a different kind of finance from what’s on offer in the high street. This new release of £100m of funding, backed by ThinCats, offers a great alternative for ambitious, growing SMEs.”
One manufacturer that has seen significant benefit from working with ThinCats is Gainsborough Silk, the historic Sudbury textile weaver, which produces fabrics for Royal palaces, state buildings and grand residences across the world. ThinCats provided a working capital loan of £500,000 to the firm after it had been starved of investment over a 20-year period. The loan helped Gainsborough Silk ramp up production capacity with the purchase of additional looms and contributed to the modernisation of its dye house.
John Mould added: “Gainsborough was not the simplest credit story, but we liked their market position and management. We were pleased to have been able to structure a deal that raises the investment capital the business requires and offers attractive returns to ThinCats investors.
“It’s a success story that this £100m of funding will replicate many times over. We’re looking forward to working with other ambitious manufacturers over the coming months and years.”