Arbuthnot Commercial ABL provides all-asset facility for Pen Cutting Tools
Arbuthnot Commercial ABL has delivered a bespoke all-asset funding package to support the acquisition of Pen Cutting Tools Ltd by Threesixty Holdco 2 Ltd, an investment vehicle owned by John Whitfield, Peter Raybould and Simon Ling.
The facility, which consists of receivables finance, plant & machinery, property and cashflow funding, will also provide on-going working capital for the business. This acquisition forms an integral part of Threesixty Group’s M&A strategy.
Established in 1968, Pen Cutting Tools is a second-generation ‘super precision’ computer numerical control facility (CNC) based in Sheffield, offering wire erosion, grinding and hard turning precision engineering services. The business supplies a wide range of industries, including bearing manufacturing, automotive, machine construction, aerospace and education sectors.
Peter Raybould, director of Threesixty Holdco 2 Ltd, said: “Our thanks go to Arbuthnot Commercial ABL for their support with this acquisition. Their team made this transaction happen as a result of their experience, commitment, speed of response and genuine desire to win the business and get the deal completed. Asset based lending has proved to be a powerful tool, both in terms of generating the level of funding for the transaction and the additional liquidity required to drive the business forward.”