Uniroyal Global Limited (UGL), the Lancashire-based manufacturer and supplier of coated fabrics to the global automotive industry, has completed a significant refinancing deal as advised by Interpath Advisory.
The new financing arrangement, provided by Independent Growth Finance, (IGF), includes an asset based lending facility of up to £8 million. The new facility incorporates Invoice Discounting, Stock and Plant and Machinery funding lines and improves the businesses access to liquidity.
The new package provides UGL with a firm financial platform to continue on its growth trajectory and increase production to meet growing demand.
Based in Earby, Lancashire, UGL is a leading manufacturer of cast, extruded and vinyl coated fabrics with a focus on surface design, predominantly serving the automotive market. It has a long heritage dating back over 100 years, with today’s business deriving from two independent family textile businesses. The Company currently employs circa 225 staff.
Howard Curd, CEO of Uniroyal Global Limited, said: “At a time of continued economic uncertainty and a challenging period for the global automotive industry, this new facility demonstrates the market’s confidence in UGL and our clear ambition to serve both domestic and export markets.”
Ben Smith, Debt Advisory Director at Interpath Advisory, commented: “We are pleased to have advised UGL on this new financing package, which will unlock significant additional funding capacity across the business enabling it to pursue growth in its important export markets. The facility will provide the capacity for UGL to deliver on its strategy to be a leading supplier and strategic partner to it’s customers.”
Richard Spielbichler, director at Independent Growth Finance (IGF), commented: “Working closely with Interpath Advisory, we are thrilled to partner with Howard and the team at UGL for their successful refinancing endeavour. The collaboration of combined expertise enabled us to deliver an ABL solution that will finance UGL’s future growth plans, and we look forward to supporting this journey.”
