2/23/2011 12:19:00 PM
NEWS BRIEFS
Philidas Secures Funding Package to Fuel Growth

UK fastener manufacturer Philidas secured a £1.6 million (US$2.59 million) funding package to boost growth. 
 

Leumi ABL provided the financing, which includes a £1.3m invoice discounting facility and £300,000 for stock finance.
 

“When the deal was completed, Philidas had 49 employees and in the last month we’ve recruited nine more people on the strength of our business growth,” stated Philidas managing director Eric Sinclair.

“This is a particularly difficult area for employment and we could not have achieved this without the new funding and support from Leumi ABL.”
 

Founded in 1942, Philidas manufactures automotive and industrial fasteners, plugs and locking nuts to distributors, OEMs, Tier 1 and 2 suppliers throughout the world. The company’s Pontefract, West Yorkshire, facility has capacity of 300 million parts per year.  ©2011 GlobalFastenerNews.com

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• Philidas