The industrial equipment business, Mecmesin, has received a funding packed from Clydesdale Bankâs SME Cashflow finance team. The seven figure finance package will support the business with their investment and growth. It has not been disclosed how large the funding is from the bank other than the stated seven figures.
Mecmesin focuses on manufacturing force and torque measurement equipment that is used in testing out the quality control of components, materials and products. This company operates around the world, and 80% of Mecmesinâs sales occur outside the UK. Most predominantly, the business has sales in the USA, France and Germany.
The funding package offered by Clydesdale Bank will be used to speed up their growth plans as well as boost investments in R&D as Mecmesin keeps on diversifying from its more traditional clients and breaking in to markets such as food, beverage and medical. The business will continue to improve Vector, which is a market0leading technology platform used to allow them to develop products as well as enter markets that they have previously been unable to make any kind of impact.
Ian Lineham is the Finance Director at Mecmesin Ltd and has said that the funding has allowed the company to move forward with confidence which has enabled them to get out into the market. Clydesdale Bank is unique for its willingness to invest in SMEs in a way that can work for the business as well as the Bank. This funding has been helpful for Mecmesin, who have big plans to expand and improve in the future.
Clydesdale Bank has been in operation since 1838, and started out in Glasgow. The bank has a history of supporting innovation and business in the Scotland. Clydesdale is part of the CYBG PLC Group alongside Yorkshire Bank, which was established in 1859 and works within the North of England and the Midlands.