Smethwick-based MMF Group, is looking to continue their expansion of its business after one of the UK's leading asset-based lenders, Enterprise Finance Europe (EFE), has provided an asset backed funding package.

MMF, based on Woodburn Road in Smithwick, employs 55 people and is a major distributor and manufacturer of commercial flues and chimneys. Established over 30 years ago, the company has a £5.7 million turnover.

In the Midlands, MMF has undertaken projects at Birmingham Exhibition Centre and Birmingham District Hospital. Other recent projects include working with British Aerospace, Burmah Castrol, Canary Wharf, Vauxhall Motors and Millennium Point. The company also supplies all the major builders merchants groups in the UK.

The company's range of products include; boiler flue systems, fan systems, mast structures, chimney liners, generator exhaust flues and commercial kitchen canopies.

Dave Thomas, MMF's managing director said the funding package would enable MMF to focus on growing its business in what is a nice sector of the building materials market. "EFE immediately grasped the seasonal nature of our business and structured the package accordingly."

Enterprise Finance Europe associate director Peadar O'Reilly led the deal and added; "This was an excellent opportunity for EFE to provide a fully asset backed facility, incorporating invoice discounting, property, inventory and plant & machinery to a successful Midlands manufacturing company with a very strong management who are really delivering in a market going through challenging times."

Gately Wareing (Carol Betts) advised Enterprise Finance Europe.

PHOTO: Right - Dave Thomas (MMF's managing director) with Peadar O'Reilly (associate director with Enterprise Finance Europe)