Secure Trust Bank

STB Commercial Finance provides £35m facility to steel manufacturer



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Secure Trust Bank Commercial Finance has provided a £35m finance facility to steel manufacturer Meridian Metal Trading Ltd (MMT).

The company – which was established in 1987 – is a supplier of galvanised, hot rolled, cold reduced, electro zinc and aluminised slit coil sheets.

MMT currently employs 175 staff across its three manufacturing sites in Dudley, Guildford and Sheffield, and has additional sales offices in Newport and Bolton.

The finance facility will be used to support the manufacturer’s future growth, as well as to meet current working capital requirements.

Steve Roadway, financial director at Meridian Metal Trading, said that the steel stockholding and processing industry was highly competitive.

“In order to maintain its competitive advantage and market positioning, it was imperative for MMT to have a strong and responsive financing partner with industry expertise in its corner.

“The team at Secure Trust Bank Commercial Finance [was] able to provide a facility in a short timeframe and [was] flexible to work around our needs.

“It is often restrictions on working capital that halts a growing company, and this facility has enabled us to free up cash flow so we can improve and invest in other areas of the business.

“We look forward to a continued cooperative working relationship with Secure Trust as we endeavour to exceed MMT’s growth aspirations.”

This deal follows a significant period of growth for Secure Trust Commercial Finance.

The alternative finance provider recently provided a £15m asset-based lending facility to Carpet & Flooring (Trading) Limited.

Sean Powell, national sales director at Secure Trust Bank Commercial Finance, believed that the experienced management team at MMT had laid the foundations for a business with huge potential.

“Its reputation in the market, alongside its unrivalled product range and capabilities, make it one of the UK’s leading independent steel stockholders and processors.

“Our facility will allow the business to manage its cash and invest in the future.

“It is an exciting time for MMT, and we’re looking forward to seeing how the company progresses in the next few years.”

Dave Gledhill at Bermans provided legal advice to Secure Trust Bank Commercial Finance, while Georgina Tripp from gunnercooke acted on behalf of Meridian Metal Trading.

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