| Press Releases
16 March 2006
Enterprise Finance Europe South West & Wales
agree a new £10m facility
South Wales-based Island Steel is benefiting from a new £10m
facility put in place by Enterprise Finance Europe (EFE),
a leading asset-based lender, owned by Bank of Ireland Group.
Island Steel is a family-run steel processing company, which
operates from a purpose-built site on Alexandra Docks, Newport.
The company trades in and processes steel in wide coil and
de-coiled sheet – and prides itself on offering a friendly,
flexible and professional service. It was formed in 1994 and
employs 36 people. In addition to its base in Newport, Island
Steel has an office in the West Midlands and another in Dublin.
This is a significant deal for EFE and builds upon an existing
EFE trade finance relationship, which now stands at £1.75m.
Bryan Baldrey, EFE Area Director London and South, said:
“We are delighted to have the opportunity to provide
assistance to Island Steel. They are recognised as a growing
and successful business, with strong management, operating
at the leading edge of their industry sector.”
EFE secured the deal for the company against strong competition
from Lloyds TSB, GE Commercial Finance and Barclays Group.
“We benefit from being an independent business in terms
of flexibility, speed to market and innovation,” says
Mr Baldrey. “However, being part of the Bank of Ireland
Group, means we also have a strong balance sheet, robust infrastructure
and access to capital.”
Adds Alex Roberts, Managing Director, Island Steel: “We
are enjoying a period of continued growth and EFE has provided
us with a bespoke ‘niche’ funding solution, which
will enable us to make the most of future opportunities.”
Adds Mr Baldrey: “Island Steel recognised that we are
not a ‘mass market’ operator and would provide
them with the service and financial backing they needed. Like
other customers, Island Steel have found us to be a committed,
steadfast and personable funding partner – with an approach
which looks beyond the numbers.”
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