Bibby Financial Services (BFS), UK’s leading financial provider, invests a £4.1 million package in Spirit Circuits Limited, UK’s most innovative Printed Circuit Board (PCB) manufacturer. The firm confirmed that it will use the funding for its future growth.
The package offered by BFS contains a combination of invoice finance, trade finance and foreign exchange facilities that will enable the manufacturer to target on a 20% year-on-year growth by 2019.
The CEO of Spirit Circuits, Steve Driver, said that 2017 has been a strong year for them and due to their hard work they managed to secure a great position to be in for the next 12 months. He further added that he believes “in the value of manufacturing to the UK economy and are continuously striving to innovate and develop new technology, both of which require significant investment”.
The number of UK-based PCB manufacturers has decreased over the last 20 years from 400 to around 40. Despite this numerical drop, UK still “remains a global leader in PCB design and manufacturing and we have been able to grow the business in recent years through a number of acquisitions”, commented Steve Driver.
Operating in overseas markets was the key to Spirit Circuits’ success, which also has an office in China that offered access to local suppliers and a better understanding of the local market and its customers.
The company has recently started a new business in Romania that supplies continental Europe and can deliver within 48 hours of manufacturing.
Paul Fraser, UK Sales Director for specialist finance at Bibby, said that “working with Steve and his team, we were able to understand the intricacies and unique challenges of the business from designing and manufacturing here in the UK, manufacturing medium-sized orders in Romania and working with local partners in China for large orders.”