GMAC PROVIDES FLEXIBLE
FUNDING SOLUTION FOR AUSTIN TRUMANNS
Austin Trumanns Group
31 July 2000
Major steel stockholder, Austin Trumanns, has
received a £15 million funding package from GMAC Commercial
Credit – Europe’s leading asset based finance company
– to help the company strengthen its position in the UK
and fulfil ambitious growth plans in Ireland.
With a workforce of 230, the Manchester-based Austin Trumanns
Group Ltd – part of the Murray Metals Group – was
keen to dramatically ramp up its investment in Ireland where
it has a presence.
Part of the funding package is being used to move into a new,
purpose-built stockholding and management facility at Newry.
The site will employ 30 people at capacity and will become the
Group’s dedicated division for all its activities throughout
Ireland. Construction work is complete and stockholding activities
commenced in April 2000.
As Peter Jones, GMAC Commercial Credit’s Regional Director,
explained: “As the name suggests, asset based finance
releases the value of a company's assets. One of these will
always be the sales ledger but, unlike many financial institutions,
we can also release the value tied up in stock, plant and machinery,
property, and even intangible assets such as brand names and
trademarks.
Austin Trumanns’ Finance Director, Julian Lamont, said:
“GMAC demonstrated a sound understanding of our business’
dynamics and came up with a creative solution to our funding
needs. GMAC took a genuinely fresh approach and presented us
with a better way forward on a sound, financial footing.”
Austin Trumanns already operates five warehousing/stock facilities
throughout the UK and Ireland, supplying a wide range of steel
to the construction, engineering and manufacturing sectors.
More Information: Christopher Warmoll or Sean
Feast, Tel: 020 7330 8888
