David Parsons

STB Commercial Finance saves business from administration with £5m facility

Secure Trust Bank (STB) Commercial Finance has provided a £5m asset-based lending facility to ladder and scaffolding manufacturer Lyte, which will result in the business being bought out of administration.

The specialist bank — which is supporting a significant investment by private equity house Breal Capital — will save 185 jobs due to the loan completion.

“With more than 70 years of experience, Lyte has an established history in its sector, and has been part of an iconic expedition,” said David Parsons, regional managing director at Secure Trust Bank Commercial Finance (pictured above).

“Following a turbulent 2018, Lyte now has the support from both ourselves and Breal Capital to enable it to achieve its growth plans, and we’ll be working closely with the management team to build on this in the coming months.”

Mick Welden at Breal Capital, added: “With this deal, we’re keen to stabilise the business and improve operational efficiencies, making Lyte a stronger and more prosperous company.”

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