Andrews Fasteners has agreed a new £1.1 million invoice and inventory finance facility with specialist lender and savings bank Aldermore.
The Leeds-based fastener supplier, established over 100 years ago, provides nuts, bolts and washers to construction and fastener industries in the UK, mainland Europe, the Middle East and the Far East.
The fastener firm said recent demand for its products has been so strong that it has had to turn down business due to not having enough inventory. By increasing stock capacity, Andrews Fasteners will be able to serve more customers and increase revenue schemes to help it achieve future growth. The company has enlarged its warehouse facilities in Leeds and is steadily expanding its customer base.
“We’ve seen demand for our products increase significantly in recent years and we found ourselves in a position where we sometimes had to turn away business due to not having enough stock,” explained Michael Carey, Andrews Fasteners MD. “More funding will enable us to ensure we have more products available for our customers to purchase, which in turn will help our customers to order the stock they need whilst also boosting the growth of the business.
“We chose Aldermore as they delivered on what they said they would do, both quickly and reliably, which helped us to focus our efforts on developing the business further and providing our customers with the products they need.”
Tom O’Dell, Business Development Manager for Invoice Finance at Aldermore, said: “Andrews Fasteners has developed market leading innovations, which are now standard practice in industry. These simple new ideas help to reduce wastage and delays on site, saving their clients time and money.
“Similarly, at Aldermore, our focus is providing the UK’s SMEs with the tools to achieve success. This might be through asset finance, commercial mortgages or, as in this case, a tailored invoice finance and inventory funding facility. The flexible facility provided is a great demonstration of our full asset based lending options for our customers. We’re pleased to have been able to provide funding for what is an impressive business and hope to see the firm continue to grow in the future.”
Andrews Fasteners is reputedly the originator of the colour coded bag system, changing how bolts are packaged, presented and delivered to construction companies around the world. Its products are typically used in the construction of bridges, buildings, stadiums, highways and railways. Their products have been used in many high-profile projects worldwide, the latest being the European Centre of Nuclear Research’s (CERN) Deep Underground Neutrino Experiment (DUNE) prototype, which is being built in Geneva.