Winterhill completes contract in £2m ABL deal

Weston Body Hardware, based in Redditch, Worcestershire, has been acquired by London Investor Cable Capital Partners, with £2m of working capital provided by Shawbrook Business Credit.  Winterhill carried out an inventory valuation on behalf of Cable Capital Partners as part of the ABL deal structure. The asset-based lending transaction comprised a £1,500,000 confidential invoice discounting line and a £500,000 stock facility.

Weston Body Hardware manufactures locks, latches, hinges and handles for vehicles and large units including generators and compressors. The firm employs more than 50 people at its plant in Redditch, from where it supplies clients worldwide.

Neil Duckworth, chief executive at Winterhill, said:

“Inventory valuation for asset-based lending purposes is a specialised field and an area in which the Winterhill team has a vast amount of experience. We are delighted to have been able to play an important part in this deal, which has seen a British manufacturing business with a proud heritage obtain the funding it needs to guarantee a positive future.”

He added: “Providing a range of services for clients in the asset-based lending sector is a growing area of business for Winterhill and extremely important to our strategic product mix and services. Our new receivables division has been set up specifically to meet that market demand and provide a streamlined service to our ABL clients.”