Swindon voltage control manufacturer secures £2 million CBILS funding
Swindon-based manufacturer Fundamentals Limited has secured a £2 million emergency CBILS loan from Lloyds Bank with help from specialist corporate finance advisory firm Shaw & Co.
As a result of COVID-19, Fundamentals Ltd, the leading manufacturer of voltage controls for the UK’s Power Grid, started to experience a significant interruption to its previously thriving business. In addition it needed to continue to invest in both its workforce and future R&D to avoid further negative impact.
Shaw & Co helped the company to identify, and secure, a CBILS loan adequate to cover its anticipated working capital and pre-crisis investment needs over the next 12-18 months. With appropriate working capital headroom in place the business will now be well placed to withstand the current and anticipated medium-term economic hardships.
To allow Fundamentals' owners to focus on running the business, Shaw & Co supported and streamlined the application process and led successful negotiations with the proposed, and ultimately the actual lender, Lloyds Bank who subsequently approved the £2m loan.
This loan will enable Fundamentals to maintain its strong UK presence with its core product and service offering. The funding will also enable the Company to carry out its planned expansion overseas and the product and service development required to maintain its pre-eminent market positioning.
Jon Hiscock, Managing Director at Fundamentals, said: “Shaw & Co did a fantastic job for us. The team took the main burden of the project, allowing us to focus on our business safe in the knowledge that their clear expertise would maximise chances of success”.
Jim Shaw, founder and CEO of Shaw & Co, added: “This was an interesting challenge for us. Fundamentals is a classic victim of the current pandemic; a successful, market-leading business that has been adversely affected by circumstances beyond its control. But, with the benefit of the right level of interim financing they will emerge from this economic hardship ready to face the challenges of the next decade and beyond. We were delighted to be able to help them achieve this critical objective.
