North Wales based, Engineered Composites Limited (“ECL”) has secured a £550,000 funding facility from Manchester based invoice finance specialists, Positive Cashflow Finance (“Positive”).
ECL, established by Dr Andrew Downey in 1986, is a supplier of GRP profiles and other composite materials to customers supplying a wide range of industries such as building and construction, civil engineering, marine, rail and utilities.
Nicki Thelwall-Jones, director at ECL, who has taken over the day-to-day running of the business from Dr Andrew Downey said:
“The funding facilities from Positive offer us great flexibility, comprising of a confidential invoice discounting facility and an over-advance, and will allow us to support both our customers’ growth aspirations and our own”.
David Smith, managing director at Positive said:
“Nicki, and the rest of the team at ECL have an excellent service offering and very exciting plans for the business.
“We are delighted to be involved with ECL and look forward to working with the management team and assisting them to achieve their ambitions.”
David Gledhill from Bermans Solicitors advised Positive and Craig Scott from Hill Dickinson worked on behalf of ECL.
Steve Jarman of Taylors Solicitors introduced Positive earlier in the year, knowing that being an owner-managed business themselves they could provide the flexibility required by ECL that some other mainstream lenders may not be able to.