Burdale Financial Limited (“Burdale”), a member of Bank of Ireland Group, today announced the completion of a MBI financing package for the buyout of Precision Technologies, one of the world’s leading manufacturers of precision technology machines.
Precision Technology is a jointly owned division of Jones & Shipman and John Holroyd & Company, both technology leaders in the engineering industry in grinding and milling. Precision Technology is a global reputation as technology-leaders in the manufacture, servicing and support of precision technology engineering.
Burdale was chosen by Precision technologies’ MBI team, led by Mark Frankel, as the sole provider of finance in a competitive tender. The flexible and bespoke Burdale financing solution will afford the business sufficient financing to meet its working capital requirements and to drive the business forward. The all asset based facility was secured against debtors, stock, property, plant and machinery.
Mark Frankel, Managing Director, Precision Technologies commented: “We are extremely pleased to have completed this MBI. The team at Burdale understood our business requirements and our ambitions for Precision Technologies and agreed a tailored package that suited our business model and our aspirations”
Commenting on the deal Ian Bramley, Director of Burdale said: “We have put together an innovative and competitive funding package for Precision Technology. We look forward to supporting the management team as they put in place the turnaround strategy and plan for the future.”
