Bibby provides funding to recently acquired manufacturing business

BFS’s corporate team provided £1.3m in invoice discounting and £300,000 in asset finance.

The Bedfordshire-based company manufactures a range of welding and fabricating products for the automotive and agricultural industries, with clients including Jaguar Land Rover, JCB and Case New Holland.

Toolspec was initially part of the Arc Specialist Engineering Ltd group of companies before being acquired by Cable Capital Partners in July this year.

Dan Burton, regional head of corporate at Bibby Financial Services, said: “Toolspec is a great business, with strong potential as it plots its new course under the ownership of Cable Capital Partners. 

“It has an enviable list of customers, and under Jonathan [Handford] and Cable Capital’s leadership, Toolspec has a strong potential for future growth.”  

Jonathan Handford, managing director of Toolspec Manufacturing Company Limited, added: “It has been a busy summer for everyone at Toolspec following our changing of hands and then shifting our focus to the future of the business and how we can grow. 

“Vital to the next chapter for the business was securing a funding partner that can provide the working capital that we need by making use of our assets. 

“Bibby Financial Services was able to come in quickly following our acquisition and provide the right funding package for our business.”