Brammer plc, Europe’s leading distributor of industrial engineering products, has secured a €100 million refinancing package from a consortium of three banks including Yorkshire Bank Corporate & Structured Finance.
The package will replace the company’s existing facilities and provide funding for growth and acquisitions. Yorkshire Bank is investing alongside HSBC and KBC Bank NV.
Brammer, which is based in Manchester, is the leading pan-European distributor of bearings, belts and pulleys, chains and sprockets, motors, seals, gearboxes and other industrial components. It is the only industrial distribution company in Europe able to offer a single source supply of all the world’s leading brands. The company employs over 2,500 people in more than 300 locations in 15 countries.
Brammer’s origins date back to 1920 when inventor Harry Brammer established the company in Leeds to market his products including the Brammer Toe Strap for cyclists and the ‘V’ belt, which was used to drive machinery in shoe-making factories. In 1954 the company floated on the stock market and in 1972 it changed its name to Brammer plc. Over the years the business has continued to expand into new overseas markets and territories.
Paul Thwaite, Brammer’s Group Finance Director, said: “We already have a good established relationship with HSBC and as part of this refinancing were keen to ensure we found the right partners who understand our business model, are able to deliver and will support our growth and strategy. We are therefore delighted to be working with Yorkshire Bank and KBC in this regard.”
The Yorkshire Bank team was led by Owen Malton, Director with Corporate & Structured Finance in Manchester. He said: “We have built up a strong relationship with this dynamic management team and have been able to get a firm understanding of the key drivers of the business and see the strategy work in practice. We are absolutely delighted to welcome another North West plc to Yorkshire Bank’s client list and look forward to working with management to support the group’s exciting growth strategy.”