Wire specialist secures funding for growth
Castle Square Corporate Finance has assisted Fox Wire, one of South Yorkshire’s most long established companies, in securing a major equity and debt finance package that allows it to move forward with its growth strategy.
Sheffield based deal makers from Castle Square Corporate Finance, comprising of Kevan Shaw and Lisa Ritson, acted as lead advisor to the company and the management team, sourcing the funding needed and project managing the transaction to through to completion.
Tracing its roots back to 1842, Fox Wire is the UK's largest manufacturer of engineering wires in stainless steel, nickel alloys, copper, brass and aluminium, exporting into Europe from its UK base in Stocksbridge, Sheffield and through its wholly owned German subsidiary, Fox Wire GmbH. The business has secured an investment of £1m from Finance Yorkshire’s Equity Linked Fund, alongside £3.2m debt and working capital facilities from HSBC, which will now allow Fox Wire to execute its growth strategy.
As part of the deal, director and major shareholder, Oliver Baker made a further investment into the business and Commercial Manager Jonathan Rigby and Operation Manager Shaun Stancilffe, have also invested, and join the board as Managing Director and Operations Director respectively.
Fox Wire now plans to invest in working capital and production facilities to push forward with a strategy of becoming one of Europe’s leading specialist wire producers, pushing deeper into technically advanced markets including aerospace and energy, as well as strengthening its existing position in the Oil and Gas sectors.
Castle Square Director Kevan Shaw said, “Fox Wire is such a world class brand and we are delighted to have assisted the company and its management team in raising the necessary finance to expand in the global market place. The funding package is evidence that equity investment and debt finance facilities are available to good businesses with strong management teams, and we are sure Finance Yorkshire will be pleased with their investment”.
The Corporate team of Irwin Mitchell’s Sheffield office, provided legal advice to Fox Wire and the management team on the new equity and debt funding arrangements.