Aldermore Bank has provided a multi-million-pound asset-based lending (ABL) package to support the Astwood Group, led by Michael Capewell, in its acquisition of T.D. Cross Limited, trading as Cross and Morse.
The financial facilities will help facilitate the acquisition, provide ongoing working capital, and support the business’s growth ambitions.
Go deeper with GlobalData
Cross and Morse, a company with a history dating back to the 1800s, continues to offer specialist engineering and manufacturing services to clients worldwide. Operating from Birmingham, the company delivers bespoke solutions across various industries. Michael Capewell now assumes leadership of the business from David Shadbolt and Mike Scudamore, who have both been with the company for over four decades.
Aldermore’s ABL facility is designed to provide small and medium-sized enterprises (SMEs) with access to funding by unlocking the value of existing assets, such as debtors, machinery, and property. This funding allows businesses to expand and continue their operations.
Mark Robinson, Business Development Manager for Invoice Finance at Aldermore, stated: “At Aldermore, we’re committed to empowering SMEs like Cross and Morse by providing flexible funding solutions that unlock the value in their assets, enabling them to drive innovation and success. We’re proud to play a part in their next chapter and look forward to seeing their continued progress.”
Michael Capewell, Owner of Cross and Morse, commented, “I am delighted to have completed the acquisition of Cross and Morse, strengthening my partnership with Aldermore Bank. Aldermore provided a dedicated and bespoke financing package that was an excellent fit with the business. From my first meeting with Mark, we were both impressed with the stability, history, and brand of Cross and Morse, making it a superb fit with Astwood Group’s objective of seeking to own and grow established engineering businesses in the Midlands.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe transaction was also supported by Heligan Group (Corporate Finance), RJS, mfg solicitors (Legal), and Attwoods and Prime Accountants (Tax & Accountants).
Matt Croker, Director of Heligan Corporate Finance, said, “It has been great to work with the Cross and Morse team on this successful transaction. We are pleased we were able to find a buyer who we think will be a true custodian of the business. We are pleased to have delivered a successful outcome for both the shareholders and the business.”
