Philidas surges forward on new funding platform
25th Feb 2011
Specialist manufacturer, Philidas Limited have obtained a new funding package of around £1.6m to support a planned growth program.
Based in Pontefract, West Yorkshire, Philidas is a leading manufacturer of fasteners, plugs and locking nuts for automotive and industrial applications, serving a worldwide market. Leumi ABL provided a total funding package of £1.6m, comprising a £1.3m invoice discounting facility plus £300,000 stock finance. The deal took two months to complete from initial consultation to funding being in place.
Eric Sinclair, Managing Director at Philidas, said “When the deal was completed, Philidas had 49 employees and in the last month we’ve recruited nine more people on the strength of our business growth. This is a particularly difficult area for employment and we could not have achieved this without the new funding and support from Leumi ABL.”
Chris Divers, Leumi ABL Regional Sales Director – North, adds: “Philidas has a great reputation in its market and the new facility has helped fuel strong growth since joining Leumi ABL. We look forward to supporting their ambitious growth plans as they take shape over the coming months.”