Aldermore funding supports MBE Fabrications’ growth plans

Evolve Business Finance has arranged funding from Aldermore to support the acquisition and future growth of Lincolnshire-based engineering business MBE Fabrications by investment company Veloom.

The funding will enable Veloom to invest in the business and pursue further international expansion, building on MBE Fabrications’ existing export presence across 17 countries.

Based near Spalding in South Lincolnshire, MBE Fabrications has been operating for more than 50 years and employs over 50 people. The company specialises in engineering and steel fabrication, with operations including Premier Pits, Premier Rail Pits, Premier Substructures and vegetable harvesting systems.

Its products include prefabricated steel maintenance pits for the haulage and rail sectors, which are manufactured off-site and delivered with features such as lighting, airlines and safety barriers, reducing installation time compared with traditional concrete construction.

Following the acquisition by Veloom, the business is targeting further growth in European and US markets, building on its established product range and international customer base.

Evolve Business Finance worked with Veloom to identify a funding partner that understood the company’s long-term growth ambitions. After approaching several lenders, Aldermore was selected to support the transaction.

Stef Radymski, Director at Evolve Business Finance, said: “MBE Fabrications has a long history, specialist products and a lot of scope to grow overseas.

“Our job was to find a lender that understood that opportunity and would take the time to work with the team. Aldermore did exactly that and I’m looking forward to seeing where the business goes from here.”

David Myles, Co-founder of Veloom, said Evolve had helped identify a lender that understood the acquisition and the company’s plans.

“He brought us three credible options and helped us find the one lender that best understood the business and what we wanted to achieve. With Stef’s help we got the support we needed. We’re now looking forward to expanding what is already a great business.”

Alex Hazell, Business Development Manager for Invoice Finance and Asset Based Lending at Aldermore, said:

“MBE Fabrications is a well-established business with specialist expertise, a strong export track record and clear potential for further international growth.

“We’re pleased to provide the funding to support Veloom’s ambitions for the business and to have worked closely with Stef and the team at Evolve to complete the transaction.”

Legal advice on the transaction was provided by Rothera Bray LLP, covering corporate, banking and property matters.