Close Brothers Asset Finance has supported Redditch-based manufacturer Able Tooling with a management buy-out by two existing team members following the retirement of its founder and former owner.

The deal is intended to enable a smooth transition of ownership from founder Nigel Rhodes to Carl Brazil, production director and Scott Lewthwaite, managing director, both long-term employees.

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Simon Parker, regional manager for Close Brothers Asset Finance, manufacturing division, said: “Able Tooling has been trading for nearly 30 years and is a very well-run business with a range of high-value machine tools. This allowed us to offer a refinance deal using the equity in the machinery to part fund the acquisition of the business.”

Scott Lewthwaite, the new manging director of Able Tooling, said: “We are delighted to have the opportunity to take this established and well-respected toolmaking business to the next level, with the help of our partners, including Close Brothers Asset Finance. We have a team of skilled and dedicated toolmakers and some excellent machinery to take advantage of in our quest to double the turnover.”

Able Tooling was founded in 1989, and manufactures equipment for sectors including automotive, aerospace, medical and lighting.

Carl Brazil, the new production director, said: “We have always enjoyed a strong order book at Able Tooling and thankfully neither Brexit nor the downturn in the automotive sector has impacted us. We are fortunate to have a diverse customer base across a broad range of industry sectors.”

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In December last year, Close Brothers Asset Finance offered a fully financed electric vehicle charging installation after it signed a partnership with RAW Charging and ChargePoint.

The partnership will allow companies and organisations to have smart electric vehicle chargers installed in their car parks and spread the cost over 5 to 7 years. It will also enable customers to manage access, set pricing, monitor energy use, analyse utilisation and various other features.