Bar Products and Services
Business Loans Case Study
Bar Products and Services, based in Low Moor, Bradford, is an engineering company that specialises in supplying the global wire industry.
Established in 1992, Bar Products and Services is one of Europe's major suppliers of Tungsten Carbide drawing dies, tooling and associated products for the Wire, Tube and Rod Drawing industry
Years of successful trading and a strong customer focus have seen Bar Products and Services’ reputation grow, allowing them to secure a position as a major supplier to the European Wire, Tube and Rod Drawing industries.
The company has also seen increasing international orders from America, Asia and the Far East and when a significant order came in from India, Bar Products and Services needed to find funding to fulfil the order – and they needed it quickly.
Steven Rika, director of Bar Products and Services, said: “Payment terms were agreed with our customer and we were to receive a deposit with full payment on completion, meaning we needed the funds to carry out the order in the first place.
“This was a very significant order for the company and we wanted to get it underway, so required a fairly quick turnaround.”
Finance Yorkshire was on-hand to offer a fast and reliable investment process. Within three weeks, Bar Products and Services had received a £75,000 business loan from Finance Yorkshire.
The smooth and speedy investment process allowed Bar Products and Services to quickly get to work on the large order.
The Investment Rationale
Grahame Lunt, Investment Manager at Finance Yorkshire, said: “Bar Products and Services is a well established company that has experienced successful international business and secured a position as one of Europe’s major suppliers for the industries in which it works.
“The nature of the company and the products it manufactures means there is great scope to grow the business across other continents. We were really pleased to be able to assist Steven and his team by providing the funds they needed up front to complete such a significant order for the company, and we hope it leads to similar orders for them in the future.
A large proportion of Bar Products and Services’ business comes from international business and the company will continue to expand business across the globe.
As part of this process, Steven Rika has made plans to meet with Grahame Lunt in the coming months to discuss the potential of future investment opportunities.
Note: this case study is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire