Turbine Efficiency Group
Region: Yorkshire and Humber
Programme: Investment Programme and our other commercial investments
Turbine Efficiency Group (TEG) overhauls, services and maintains gas turbine engines.Many of TEG’s customers are in the Oil & Gas sector and partly due to the cost cutting in the industry, the demand for TEG’s cost effective services has risen dramatically. This created a material working capital requirement which their existing finance providers or other traditional lenders were unwilling to fund.
TEG’s growth plans anticipate creating over 100 new jobs in Lincolnshire with many of those being skilled engineering roles.
BMS Finance provided a £5m senior secured term loan amortising over 5 years within 6 weeks of seeing the opportunity. The strength in depth of the management team, the impressive track record of growth and the very full order book were clear attractions of the deal.
Alan Hawkins, Managing Director of TEG said:
“Our own success had created a working capital demand that we needed to satisfy quickly.
“The ability of BMS Finance to complete the deal in under 6 weeks ensures that we are able to grow the top line and order book of the business, safe in the knowledge that finance is no longer a constraining factor.
“This has further enhanced our relationships with both our suppliers and most importantly our customers.”