Abracs secures £2m NatWest financing to support growth plans

Abracs Ltd has secured a £2m refinancing package with NatWest to support its business growth aspirations.

The York-based business is a supplier of industrial abrasives, accessories and allied products for a range of customers operating in different sectors including engineering, agriculture, automotive and energy.

Founded in 1989, Abracs employs 30 people. The company has reported steady growth in annual revenue, reaching £5.2m in 2014 and more growth is expected this year.

The management team decided to move Abracs’ banking facilities to NatWest after being impressed with the bank’s commitment to supporting the company’s future growth plans.

Robert Jeffery, managing director at Abracs, said: “As a business we continue to expand operations and grow our customer base in both the UK and International markets. The funding package from NatWest offers us the flexibility we need to ensure our ongoing commitment to growth, product development and market leading customer service. We look forward to working with NatWest in the years ahead.”

The funding deal was supported by James Burgess, Director of NatWest Structured Finance and Relationship Director David Smithies.

James said: “We are delighted to commence a new business relationship with Abracs, which has an excellent reputation across the sectors it operates in. The management team have a clear vision for the company’s future and we look forward to supporting their plans.”

David added: “Abracs has been delivering high quality services to its customers for more than two decades and we are delighted to support their new business ventures which will facilitate further growth opportunities.”

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