Secure Trust Bank Commercial Finance has provided a six-figure invoice finance facility to Hay and Brecon to support the agricultural manufacturer’s investment in new machinery, as it looks to automate its production line.

Established in 1902 as a farming co-operative, Hay and Brecon provides agricultural consumables, wild stock feed and fertilisers to farmers and retail warehouses. The company has a turnover of £20m and employs 60 staff members across its six depots, stores and head office, which are located in Mid-Wales.

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The facility, understood by Leasing Life to be near to £1m, provided by Secure Trust Bank Commercial Finance is intended to allow the firm to future-proof its business, enabling it to invest in new equipment to automate its manufacturing processes. The funding will also help Hay and Brecon to manage its cashflow and secure new business.

Mike Piggott, relationship manager at Secure Trust Bank Commercial Finance, said: “With over 100 years’ experience, Hay and Brecon has an excellent reputation for producing high quality agricultural supplies. Having worked closely with the management team, we have an understanding of the day-to-day challenges that Hay and Brecon face enabling us to offer a bespoke funding package to support their growth ambitions.

“Our flexible package can be tailored to grow as the business does, enabling us to support Hay and Brecon’s future expansion plans. We look forward to watching this company develop in the coming months.”

Secure Trust Bank Commercial Finance is the fifth largest independent operator in the asset based lending market. The firm, which provides lending and invoice finance products to SMEs, lent £194.7m across the country over the course of the 2018 financial year.

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Gethin Williams, commercial manager at Hay and Brecon, said: “We’re conscious that in order to stay ahead of the curve, we need to be as efficient as possible, and it is therefore vital that we invest in modern, high-performance equipment and machinery. The funding from Secure Trust Bank Commercial Finance will allow us to purchase the latest technologies, that will in turn allow us to take on additional orders and expand our client base.”

In May this year Secure Trust Bank Commercial Finance provided a £14.75m finance facility to Formaplex, who provide mould tooling for the Formula One industry.

The finance facility will support the company’s investment in machinery as it looks to develop more lightweight and durable products. The company also manufactures lightweight component solutions for automotive clients and OEMs.