Spirit Circuits Limited – which manufactures printed circuit boards (PCBs) in the UK – will use the funding to drive future growth.

The funding package includes a combination of invoice finance, trade finance and foreign exchange facilities.

The funding will enable the business to set its sights on an ambitious growth strategy, targeting 20% year-on-year growth by 2019.

Steve Driver, group CEO of Spirit Circuits, said: “2017 has been a very strong year and has put us in a position to capitalise on a positive outlook for the next 12 months.

“BFS really understood our business and provided the support that no other funder could.

“Crucial to our continued success was having a trade finance package that could help us operate in overseas markets.

“We strongly believe in the value of manufacturing to the UK economy and are continuously striving to innovate and develop new technology, both of which require significant investment.

“Over the last 20 years, the number of UK-based PCB manufacturers has decreased from 400 to about 40.

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“Despite this fall, the UK remains a global leader in PCB design and manufacturing and we have been able to grow the business in recent years through a number of acquisitions.”

Spirit Circuits also has an office in China, which gives it access to local suppliers and allows customers to work with a business with local market knowledge.

The trade finance funding line will support the flow of goods from China and meet customer orders.

The business also has a new manufacturing plant in Romania that supplies medium-sized volumes at rapid speed and can deliver across Europe within 48 hours of manufacturing.

Paul Fraser, UK sales director for specialist finance at Bibby Financial Services, added: “Spirit Circuits is a fantastic business that flies the flag for UK manufactured products.

“Working with Steve and his team, we were able to understand the intricacies and unique challenges of the business from designing and manufacturing here in the UK, manufacturing medium-sized orders in Romania and working with local partners in China for large orders.

“Maintaining cash flow across the business cycle – while also ensuring that goods are moving to the desired location – is crucial.

“We were able to put together the right package that will help the business grow even more and take on new business and orders that were previously out of reach.”