UK electronics contract manufacturer Exception has secured a refinancing package that puts the Wiltshire-based company back on track for growth.
The finance package secures the expansion of new facilities and reduces the debt on the company’s balance sheet by £12.7m. Completed on June 30, the deal was led by chef executive Craig Wright with senior management and was financed by Lloyds Banking Group.
Exception is confident about future growth prospects following the refinancing of the business.
It is aiming to increase annual turnover from a low point last year of £45m to £70m over the next two to three years, backing its abilities to provide high quality electronics manufacturing solutions to specialist industrial markets including medical devices, energy, aerospace, process control, transportation and communications.
The company recently signed several new contracts worth over £5m a year for its offshore, UK contract manufacturing and PCB (printed circuit board) operations.
Employing about 350 people across sites in Calne, Wiltshire and Tewkesbury, Gloucestershire, together with overseas operations in India and Malaysia, the financing is upbeat about its future, seeing more opportunities from existing and new customers.
It is predicting strong growth for its outsourcing services from the renewable energy, oil and gas, measurement, process control and medical equipment sectors.
Pictured from L-R, main picture: Gordon Holden, managing director, Exception PCB; Mark O’Connor MD, Exception VAR; Craig Wright, CEO, Exception Group; Noel Murphy, finance director and Richard Brighton, MD, Exception EMS.