Tailored ABL deal fuels growth at Midlands engineering firm

A Worcestershire-based subcontractor is entering a new phase of growth after securing a £650,000 funding package that helped stabilise its finances and unlock investment.

Speedflex Engineering has credited a tailored asset-based lending (ABL) facility from Time Finance as a turning point for the business, one year after the deal was put in place.

The funding package – comprising a £250,000 confidential invoice finance facility and a £400,000 asset finance facility – was designed to address the firm’s irregular cashflow, a common challenge in the engineering sector where income can fluctuate significantly month to month.

Since securing the deal, Speedflex has invested in new machinery, expanded its workforce and begun targeting new markets, positioning the business for sustained growth.

Speedflex Engineering Managing Director Stephen Dunstall said the facility had been critical to the company’s survival and recovery. “When we first met with Time Finance, we were struggling with irregular cashflow; one month we could be taking three times our usual income and the next very little,” he said. “Without the ABL solution from Time Finance, I don’t believe we would still be operating today.”

Dunstall also highlighted the importance of flexibility in the funding arrangement. “Before partnering with Time Finance, we struggled with the lack of flexibility from traditional banking. With Time Finance, we’ve felt understood by people who recognise the realities of our industry and can adapt to our needs.”

With the business now on a more stable footing, he added that the focus is on smoothing revenue and building long-term independence. “As we move into our second year with the ABL solution in place, the priority is levelling monthly income and preparing for sustained growth.”

For Time Finance, the deal reflects the growing role of alternative lending in supporting SMEs through economic uncertainty.

“Specialist ABL facilities are a lifeline for many businesses like Speedflex,” said Rob Walters, Business Development Manager at Time Finance.

“They work by directing a cash injection into the business for them to invest in their necessary equipment. Alongside this, we provided an invoice finance solution to release cash tied up in unpaid invoices. With this in place, the business has been able to focus on its strategic partnerships, including efforts to streamline procurement and expand contract reach – which is fantastic news.”