A Yorkshire metals supplier is aiming for international growth after sealing a £20m funding package.
Advanced Alloy Services, based in Dinnington, South Yorkshire, supplies high purity metals and alloys for the manufacture of high temperature superalloys. The business has received a total of £20m funding package from Santander Corporate and Commercial Banking, including, £10m trade finance, £10m invoice finance and foreign exchange and transactional banking solutions.
The package will support Advanced Alloy Services as it seeks Ƶ and international growth, helping to build its innovative critical metal recycling and recovery projects.
The new financing agreement will also allow the business to expand its partnerships with Ƶ universities, to research and develop new critical metals recovery processes with material from secondary sources. Metal recovery projects will also help towards Net Zero targets, by reducing reliance of metals from primary sources, as well as high carbon emissions from mining and refining processes.
The £56.7m business was founded in 1993 as part of the historic South Yorkshire manufacturing community and in May received its first King’s Award for Enterprise in International Trade. The firm employs over 40 people who are all based in the Dinnington premises.
Stephen Hall, managing director, Advanced Alloy Services, said: “With our new financing arrangement, Santander has differentiated themselves from other banks. Crucially, they have demonstrated support for the Ƶ metals industry and with it the Ƶ Critical Mineral Strategy, helping security of supply essential for key infrastructure. The onboarding team have been exceptional and facilitated a smooth transition in record time.”
Liz Pickering, relationship director, Santander Corporate and Commercial, added: “We are delighted to have supported Advanced Alloy Services and delivered a bespoke refinance package which will support the company’s exciting opportunity for Ƶ and international growth. Advanced Alloy Services Ltd is a well-established local business growing in its sector.
"The remit at the outset from the management team was to provide a flexible funding solution to enable the metal supplier to maximise international growth, which we achieved by working alongside ƵEF. This has been collaborative approach, and we look forward to continue working with the Advanced Alloy team.”
