Close Brothers Asset Finance provides asset-based funding solutions to small-to-medium-sized businesses in the woodworking industry, backed by Close Brothers Group plc, a FTSE 250 company.
The firm’s team of finance specialists understands the issues faced on a daily basis in the woodworking industry, allowing it to create bespoke funding solutions tailor-made to business needs. MBC Timber Frame UK is just one example of how it has supported a business to access much needed funds.
MBC Timber Frame UK was established in 2002 in Cahir, Co Tipperary specialising in the design and construction of super-insulated, high performance, affordable and passive timber frame homes throughout Ireland and the UK. The company has recently set up a UK subsidiary in Gloucester to target the English market and this is where the new asset and new jobs will be located.
MBC has grown significantly over the last 12 months and managing director Joe Blair expects the company to have grown even more throughout 2016 with the acquisition of specific timber frame manufacturing machinery.
The business couldn’t raise the required funds to pay the full deposit for the machinery, so Joe Blair met with area sales manager, Liam Ryan at Close Brothers Asset Finance to discuss finance options.
Liam knew that the company would be eligible for support for grant assistance from the Regional Growth Fund as five jobs would be created on the back of the new machinery being purchased and installed. He could also see that the purchase of the woodworking equipment would be crucial to the growth and development of the company throughout the UK.
Following a successful RGF application and the financial funding in place, Joe could now take the business forward with the plans for the UK subsidiary. With the new assets in place, MBC will be able to reduce the time taken to manufacture the timber frame houses, therefore resulting in creation of new jobs and in turn generating increased revenue for the company.
Joe comments: “The newly acquired timber frame manufacturing machinery will allow us to ensure the highest standard of manufacturing is achieved for our clients. As a new customer to Close Brothers, we look forward to working with them again in the future.”
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