£1.6m funding deal leads to Philidas growth
Last updated: Tue 22nd February, 2011 | Time: 08:17amA £1.6m funding package has boosted growth at Pontefract-based manufacturer Philidas, the company has said. Leumi ABL has provided a £1.3m invoice discounting facility and £300,000 stock finance.
Philidas is a manufacturer of fasteners, plugs and locking nuts for automotive and industrial applications and serves market across the world. Pathstone Finance introduced the funding opportunity to Philidas which led to the deal.
Eric Sinclair, managing director at Philidas, said: “When the deal was completed, Philidas had 49 employees and in the last month we’ve recruited nine more people on the strength of our business growth. This is a particularly difficult area for employment and we could not have achieved this without the new funding and support from Leumi ABL.”
Chris Divers, Leumi ABL regional sales director in the North, …
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