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Centric Commercial Finance provides Bowman Power Group Ltd with £1m asset based lending facility
Centric Commercial Finance has provided a £1m asset based lending facility to Bowman Power Group Ltd, a world leading exhaust energy recovery technologies company.
Commenting on the deal, David Lamb, Chief Financial Officer at Bowman Group Ltd, said: “Centric Commercial Finance is playing a pivotal role in filling a gap in the market where early stage companies, those which most need access to working capital, are not well supported in the current banking climate. The Centric team was extremely knowledgeable and went to great lengths to understand our business needs. I was also impressed with their very fast decision-making process.”
Maxine Hennessy, Business Development Director at Centric Commercial Finance, said: “Bowman Group is a unique business which, after several years of heavily investing in research and development, is poised for expansion. We worked alongside the Bowman management team to develop a bespoke financing package that will deliver an optimum level of finance.”
Bowman Power Group Ltd is a world leader in advanced exhaust energy recovery technologies for reciprocating engines, which are the dominant plant for power generation in remote areas, for biomass energy applications, and for heavy vehicle engines. Bowman Group Ltd has completed a £3m internal fundraising round, with support from private equity houses and, most recently, the business came 18th in The Times Tech Track 100 and has been shortlisted for the Made in Britain category of the Growing Business Awards.
The opportunity to fund Bowman Power Group was presented to Centric Commercial Finance by Evette Orams, Managing Director of Hilton-Baird Financial Solutions, who commented: “Often businesses experiencing rapid growth can encounter significant cash flow challenges and Centric was an ideal partner to meet our client’s requirements. Maxine Hennessy’s expertise combined with the know-how and drive of the wider Centric team gave us the confidence that Bowman now has everything in place to enjoy a bright and fruitful future.”
For further information on Bowman Group Ltd, please visit: http://www.bowmanpower.com/
For further information on Hilton-Baird Financial Solutions visit: http://www.hiltonbaird.co.uk/