The £5.5m facility will be used to fund CapEx investment and growth, enabling the business to work towards becoming the UK’s leading biomedical science manufacturing hub.
Arbuthnot Commercial Asset Based Lending (ABL) has completed a financing deal for Precise Component Manufacture Ltd (PCML) to support the next stage of its development.
The £5.5m facility will be used to fund CapEx investment and growth, enabling the business to work towards becoming the UK’s leading biomedical science manufacturing hub.
Headquartered in Cambridge, PCML provides rapid-turnaround manufacturing of complex custom components and assemblies to clients in R&D intensive industries.
The business, which is focused on the biotech and medical sectors, has doubled in size in the last four years with turnover increasing from £6.5m in 2016 to £13m in 2020.
Paul Brown, partner at Total Capital, said: “It was important for us to establish a relationship with a flexible funding partner who would be able to support the growth ambitions and CapEx requirements of the business.
"Having completed several transactions recently with precision engineering companies and with vast experience in working with debt and equity funds, Arbuthnot Commercial ABL was ideally placed to support PCML.”
Andrew Rutherford, commercial director at Arbuthnot Commercial ABL, added: “The UK market for high precision engineering is estimated to be c. £5.9bn per annum.
"With the shift towards smart manufacturing, the global demand for rapid turnaround and customised machined components is rising significantly.
"We are delighted to be working with Total Capital and the management team at PCML to support this fast-growth industry 4.0 manufacturing business as it realises its ambitions to scale and rapidly build its market share.”
