Gardner Aerospace, manufacturer and supplier of aircraft components, has secured a £35m funding package from RBS to support its expansion plans.
The growth will be targeted across the firm’s manufacturing sites in Basildon, Broughton, Hull, Pershore and its impressive headquarters in Derby.
Established in the 1950s, Gardner Aerospace is a key supplier to OEM’s & Tier 1 suppliers including Airbus, Rolls Royce, GKN, Spirit Aerosystems, Labinal & Latecoere and was recently awarded a place in The Sunday Times International Track 200.
The organisation employs more than 650 people in the UK, and 1,400 globally. Its worldwide sales exceed $185m, making it one of the largest manufacturers of its kind in Europe.
Tony Millington, CFO at Gardner, said: “The aerospace sector is a competitive environment so it is important that we have bank facilities that can keep pace and support our growth.
“The ABL structure increases funding in line with our receivables and inventory and this helps us to meet our client’s requirements for greater efficiency, investment in R & D and, of course, meeting the demands for new aircraft such as the Airbus A350.
“Andrew and RBS’s dedicated aerospace & ABL teams really understand our industry – it’s been a pleasure working with them.”
Andrew Garvey, director, Manufacturing & Aerospace at RBS, said: “As a global company with operations managed from within the UK, Gardner Aerospace has proven that it can compete and succeed in a very challenging sector – and we are very pleased to support their growth.
“The aerospace industry is a major contributor to UK economic output and is central to our competitive position in what is now a global manufacturing market.
“This makes it vital that home grown businesses such as Gardner are well supported to maximise the opportunities that come from a broad and diversified product range and client base.”