Local Engineering Firm Keeps It In The Family With Cash Injection

From: Venture Finance
Published: Thu Jun 03 2010


Local family-owned engineering firm, Dicker Precision Components Ltd, has passed from father to son with the help of a Factoring facility.

A cash injection was provided by Factoring and Invoice Discounting specialist Venture Finance, enabling Managing Director, Mark Love, to purchase the Hailsham-based firm from his father.

Mark Love, comments, "Being able to keep the firm in the family is fantastic. There were limited finance options available to us but thankfully our accountants, Feist Hedgethorne, introduced us to Factoring and Venture Finance."

He adds, "By raising money against our outstanding invoices it enabled us to quickly access the money needed for the purchase whilst keeping our cash flow and the business running smoothly."

Tony Tydeman, Business Development Manager at Venture Finance, comments: "We frequently come across entrepreneurial local businesses like Dicker Precision Components looking to capture new opportunities but unable to access the funding to do so. We’re thrilled to be able help the company stay in the Love family and look forward to a prosperous future."

A Company Built With Love
Dicker Precision Components has been family-run since Raymond Love, Mark Love’s father, purchased the business 18 years ago with business partner David Painter. With the help of the same local accountancy firm that handled the initial purchase, Feist Hedgethorne, Mark has in-turn acquired the company from his father.

Both Mark Love’s grandfather and son have also worked at Dicker Precision Components over the years totalling four generations of family investment in the business.

Mark Love comments, "My father and Mr Painter have worked to build the business over 18 years and I hope to continue this journey now I own the company. In the future I hope my son, who also works with us, can do the same."

Hailsham Firm Manufactures New Growth
The company, which engineers precision components for a range of sectors, looks set for significant growth with the revival of the UK manufacturing sector. Office of National Statistics figures reveal that industrial production is now growing at the fastest rate (1.2%) since early 2006, outpacing many other sectors.

Mark Love comments, "We’ve seen business pick up rapidly in the last six months and have been growing for the last four. I plan to expand the business significantly in the next two years and possibly even start making our own range of products."

He adds "I’m very excited about the new opportunities emerging for us and look forward to taking the company to the next level."

Tydeman believes it’s a good time for manufacturing businesses to grow, "The UK’s manufacturing industry is having a renaissance as economic growth picks up. Businesses previously hindered by a lack of funding are realising that Invoice and Asset Based Lending may be the answer to help them meet the recovery with strength. This type of finance is becoming increasingly attractive because the level of funding available automatically grows with the company and, importantly in this day and age, in a sustainable way."

ends

Further Information
For more information, images or an interview with Mark Love or Tony Tydeman please contact:

Eli David, Toby Brown or Lauren Greatorex at Man Bites Dog
01273 716 820
venture@manbitesdog.biz

About Venture Finance
Venture Finance is an award-winning premier independent Invoice and Asset Based Lender, established in 1989. Venture was the first independent invoice financier to offer Asset Based Lending (ABL) in the UK in 1990 and was the first authorised independent invoice financier to provide both the Government’s Small Firms Loan Guarantee Scheme and the new and improved Enterprise Finance Guarantee scheme.

As part of the ABN AMRO group and ultimately owned by the Dutch Government, Venture Finance is a solid partner for businesses wishing to meet the recovery with strength. The company’s award-winning service has already helped thousands of businesses, from start-ups through to £150m organisations, providing reliable finance tailored to individual client needs. Venture Finance made over £3billion of payments to clients in 2009, providing consistent support, through 200+ staff in 11 regional offices.

Factoring and Invoice Discounting are core services for the business. They both release ongoing working capital back into client businesses, based on the value of outstanding invoices and other assets. Versatile funding services both are ideal for clients needing to manage cashflow, refinance or restructure, fund business opportunities, purchase new machinery, merge with or acquire a new business or expand operations. Both can be combined with Bad Debt Protection to shield against unpaid invoices.
Company: Venture Finance
Contact Name: Lauren
Contact Email: lauren@manbitesdog.biz
Contact Phone: 08445 611 416

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