Company

Cable-Tec is based in Sutton-in Ashfield and Liverpool and is a manufacturer and global supplier of cables and controls.

Funding Requirement

Cable-Tec is driving further international expansion and safeguarding the future of its locally skilled workforce by securing a £340,000 funding deal to help purchase a £550,000 industrial unit and business headquarters.

Finance Solution

The company turned to Reward to purchase its existing rented commercial property in Sutton-in-Ashfield, which is pivotal to its ability to manufacture and supply cables and controls to meet a diverse range of business applications and industry sectors, including agriculture, marine, construction and even motorsports.

It has previously supplied parts to McLaren and its associated business on its sports and hyper cars and to suppliers of the Ministry of Defence for control and activation systems used in its armoured vehicles.

Cable-Tec was established in 1988, with current owner and Managing Director Kevin Whincup purchasing the business in 2019. He was introduced to Reward after recognising the need to seize the opportunity to purchase the manufacturing facility within a short timeframe.

Commenting on the deal, Steph Brown, Regional Director for Reward in the Midlands, said: “To be able to support Kevin and his thriving business through a property acquisition that will safeguard the future of his local workforce is hugely rewarding. Having a secure manufacturing base in the region that the business can now call ‘home’ also opens up so many opportunities to drive future growth.”

Becky Hayward, Relationship Manager at Reward, further added: “Many SME-size firms can often fail to capitalise on new market opportunities simply because they’re either unable to access the funding or secure it under a tight time constraint. We pride ourselves on being able to help firms like Cable-Tec find an agile financial solution that enables business to react to a change in circumstances and complete a transaction within a short period. We hope it now provides the springboard for further global expansion.”

Client Testimonial

“Being in a position to acquire the manufacturing facility is critical to our future growth aims and commitment to retaining our highly skilled workforce, who are all based locally. We’ve worked hard to establish a successful business that has a strong team in place and caters globally for an increasingly broad range of sectors. Relocating now would be hugely detrimental to our future vision for the business and long term expansion aims.

“Due to the speed with which we needed to complete the purchase of the manufacturing unit, we turned to Reward as it has vast property finance expertise and also a reputation for delivering funding solutions at pace. The flexibility provided throughout the borrowing process has also helped remove many of the financial headaches and hurdles that inevitably arise during this type and size of transaction.”

Kevin Whincup, owner and Managing Director of Cable-Tec