South Yorkshire-based
Advanced Alloy Services Ltd, a supplier of high purity metals, as well as revert and toll-process services for the manufacture of high temperature superalloys, has secured a £20 million funding package from
Santander Corporate and Commercial Banking.
The funding includes a £10 million General Export Finance facility (GEF), £10 million Invoice Finance, FX facilities, and transactional banking, which will enable Advanced Alloy Services to grow its business both domestically and internationally, as it pursues its strategy for growth in the UK, the USA and in Asia. The arrangement offers the metals business flexibility, tailored to its needs.
The new financing agreement will also allow the business to expand its partnerships with UK universities to research and develop new critical metals recovery processes with material from secondary sources. It will also help fund crucial innovation projects and help the UK develop security of supply of critical minerals and metals, essential for key infrastructure projects. Metal recovery projects will also help towards ‘net zero’ targets, by reducing reliance of metals from primary sources and corresponding high-carbon emissions from mining and refining processes.
Advanced Alloy Services was founded in 1993, part of the historic South Yorkshire manufacturing community. The business has a turnover of £56.7 million and in May received its first prestigious King’s Award for Enterprise in the international trade category. The firm employs over 40 people who are all based at its Dinnington facility.
Stephen Hall, Advanced Alloy Services managing director, said: “With our new financing arrangement, Santander has differentiated itself from other banks. Crucially, it has demonstrated support for the UK metals industry and with it the UK Critical Mineral Strategy, helping security of supply essential for key infrastructure. Futhermore, the onboarding team have been exceptional and facilitated a smooth transition in record time.”
Liz Pickering, relationship director at Santander Corporate and Commercial, added: “We are delighted to have supported Advanced Alloy Services and delivered a bespoke refinance package which will support the company’s exciting opportunity for UK and international growth. Advanced Alloy Services is a well-established local business growing in its sector.”
She concluded: “The remit at the outset from the management team was to provide a flexible funding solution to enable the metal supplier to maximise international growth, which we achieved by working alongside
UKEF. This has been collaborative approach, and we look forward to continue working with the Advanced Alloy team.”