Scapa Group in Tameside has agreed a £60 million facility. With the appetite for invoice financing falling amid the economic recovery, the deal has been put together by big name banking groups Barclays, HSBC and Lloyds.
The cash comes via an immediate £40 million debt finance package and an optional £20 million "accordion" facility. It will be used to drive Scapa's expansion over the next 60 months.
The firm's chief executive, Heejae Chae, said:
"This finance facility provides us with further capacity to support the growth of the business, both organically and through acquisition.”
Chae went on to say that the cash will be used primarily to build market share overseas, and thereby underpin a balanced feeling in the firm.
Chae continued:
“We are well-positioned to increase our global presence in our chosen markets and look to the future with confidence."
Surprisingly, both Barclays and HSBC are new banking relationships for the firm.
However, Barclays and Scapa have worked together before on a number of projects.
Discussing the deal, the bank's Corporate Banking relationship boss, Dave Culshaw praised Scapa for its vital role in leading the way for manufacturing in the north west.