Company

Established in 2018 and headquartered in Stanley, County Durham, Renovo Tool Group specialises in round shank precision cutting tool manufacturing and reconditioning. The group operates across both business-to-business and direct-to-consumer markets through a portfolio of specialist businesses, serving a wide range of customers within the UK and international engineering and manufacturing sectors.

Renovo was launched when its founder, Antony Gray, recognised the North East was an underserved market. He also saw that the business would need to build its own skilled workforce to support long-term demand and growth. This led to the development of Renovo’s own apprentice programme, creating a pipeline of apprentices and highly skilled manufacturing specialists.

Funding Requirement

Renovo Tool Group secured a £1.6 million Asset Finance facility, enabling the consolidation of multiple existing funding arrangements across the group, simplifying monthly payments and generating cost savings that can be redirected towards future growth initiatives.

Finance Solution

The £1.6m funding formed part of a three-way package, which also included a large six figure investment from NEL Fund Managers and £100,000 in grant support from Durham Business Growth. The Asset Finance facility underpinned the other two elements of the project, with none of the three components able to proceed without all parts aligning and working in synergy.

Robert Still, Managing Director at Reward Asset Finance, said: “Renovo is a fantastic example of a business that has taken a measured and strategic approach to growth over the years. Antony and the team have consistently invested in the right areas, from skills and talent through to expansion and acquisition.

“Our focus was on delivering a funding solution that supports the business both today and as it continues to grow. By consolidating multiple agreements into one tailored facility, we’ve simplified the funding structure, and helped provide the flexibility the business needed to focus on growth ambitions.”

Results

Renovo Group now consists of two dedicated cutting tool production facilities and two distribution businesses (Renovo Tool Co), one based in the UK and the other in Dublin, Ireland. The group’s growth over the last eight years has been substantial, and Reward’s facility will allow this growth to continue in line with Renovo’s strategic plans.

Client Testimonial

“We have spent the last year creating the building blocks for sustainable long-term growth across the group. The support from Reward will underpin this and ensure the delivery of our next phase of expansion.

“Being able to consolidate multiple facilities into a single structure gives us greater clarity and control, while freeing up valuable funds that we can reinvest into strategic business opportunities. The manufacturing sector plays a critical role in the UK economy, and we’re focused on continuing to build the skills and capability needed to serve that market.”

Antony Gray, Managing Director of Renovo Tool Group