FGI Provides £10 MM ABL Facility for Aartee Bright Bar
“Working with FGI was incredibly refreshing! We were able to deal directly with a decisive lender, which was exactly what we were looking for. The team was very dynamic and responsive in following our timeline and closing within 30 days. It is a welcome partnership, we see FGI as a long-term relationship and are hopeful for what the future will bring.”
A renowned Midlands-based UK business, Aartee Bright Bar has a strong history in manufacturing engineering-grade steel bars to customers globally. As one of Europe’s premier bright bar producers, they provide tailored solutions and world-class quality to meet the needs of their clients. Aartee’s unique range of products include Round, Hexagon, Square, and Flat cold-drawn steel bars, distributed throughout the UK, EU, and USA.
Aartee found themselves in an interesting position as the commodity price of steel fluctuated rapidly and dramatically, becoming extremely dynamic and costing more now than in the last decade. This shift has altered their working capital cycle, presenting the opportunity for growth. Aartee needed to find a new lender who could better support their growth plans, address the internationality of their business and provide them with a more flexible facility.
Throughout their search, Aartee was experiencing problems due to the volatility of steel. Many conservative lenders were reluctant to start business with Aartee because of the uncertainty surrounding the commodity, further hindering their plans. They needed to find the right lender who was confident enough with their business management to weather the volatility. Aartee also required a lender with the capabilities to quickly resolve all the nuances their expansion required.
As flexibility and speed were top priorities for Aartee, they turned to FGI for financing. FGI was able to provide them with a £10MM Pound Sterling ABL facility to assist with their capital and growth requirements. FGI’s lending team was able to move very quickly with Aartee, closing the deal within 30 days.