Bibby Financial Services (BFS) has provided a £2.6m invoice discounting funding facility to Morris Line Engineering, an engineering business with two brands – Morris Line Engineering (MLE) and JW Morris.

The funding package will support the Morris Line management team in further developing its products and markets by providing instant access to cash tied up in outstanding invoices, whilst enabling the team to focus on the day-to-day running of the business.

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Headquartered in Bridgend, Wales, MLE provides design and manufacturing services for low voltage and high voltage equipment. The business has exported to over 70 countries over the past 40 years of trading.

In addition to its operations within the UK and Ireland, MLE also has a factory in Dubai serving the electrical distribution, rail electrification and oil and gas sectors.

JW Morris has a long history of electrical installation work in process industries, working at the Tata Steel Port Talbot steelworks for over 70 years.

David Kearle, managing director of Morris Line Engineering said: “Due to the international scale of our business and our reliance on high-quality equipment, it is really important we can bridge the gap between raising invoices and getting paid to access the cash we need to fuel our growth.

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“We needed to find a funding partner with experience in our sector, as well as one that could deliver a fast service whilst not compromising on quality. Our ethos is all about creating strong and long-lasting relationships with our clients, and it was clear that BFS values this too. It was a perfect match.

“Thanks to the invoice discounting facility, we received an additional cash injection to fund our growth and support our day-to-day cash-flow, while having the breathing space to make the best long-term decisions for our business.”

Maxine Hennessy, corporate manager of Bibby Financial Services, said: “We are really excited to work with the team at Morris Line Engineering Holdings as they look to transform their business. We worked closely with the company to ensure we could provide a tailored and flexible invoice discounting facility, which will help to ensure the business can grow in line with its sales.”