Cynergy Business Finance has provided a £17 million asset-based lending package to Lancashire-headquartered Steel Dynamics Group, alongside an undisclosed equity investment from Bolt Industries. The facility is designed to strengthen liquidity, enabling the group to continue its expansion and meet surging demand for its services.
The finance package from Cynergy Business Finance combines invoice discounting, inventory finance, asset finance, and a cashflow loan. This blend of facilities will allow Steel Dynamics Group to scale operations and pursue efficiencies that reduce costs for customers, supporting the wider growth of UK manufacturing.
The refinancing was advised by Cowgills, the North West accountancy and business advisory firm, with Debt Advisory partner Benjamin Day leading the process.
Established in 2011, Steel Dynamics Group has grown rapidly to become a leading UK metals supplier and processor, operating through its divisions Steel Dynamics UK, Offshore Stainless Supplies, and P&P Bornmore Metals. The company specialises in supplying stainless steel, carbon, and non-ferrous materials for critical sectors such as nuclear, offshore, and petrochemicals. Its advanced processing capabilities include fibre laser, hi-def plasma, and waterjet cutting machinery, featuring the UK’s largest 14M x 4M waterjet cutting machine.
This latest deal underscores Cynergy Business Finance’s role as a prominent lender to the UK’s industrial sector and reinforces its reputation as a flexible and innovative provider in the asset-based lending market.
Danny Monksfield, Corporate Sales Director at Cynergy Business Finance, said: “We’re proud to support Steel Dynamics Group at a pivotal stage in their growth journey. This funding demonstrates our commitment to backing ambitious, high-performing businesses that are driving the UK’s industrial sector forward. At Cynergy Business Finance, we’re focused on providing flexible solutions that empower our clients to scale with confidence.”
Ian Griffiths, Chief Executive Officer of Steel Dynamics Group, added: “Partnering with Cynergy Business Finance and Bolt Industries has given us the financial flexibility and confidence to accelerate our growth plans. Their understanding of our industry and tailored funding approach made them the ideal partner for this next phase. We’re excited about what this means for our team, our customers, and the future of Steel Dynamics Group.”
Benjamin Day, Debt Advisory Partner at Cowgills said: “It’s always a pleasure working with Ian and the Steel Dynamics Group to support their impressive journey. Cynergy were superb throughout the process and very thorough in their approach to understand the business and to come up with a funding structure that works. Their unrivalled access to senior members of their team really helped build the relationship in the lead up to completion. I’m looking forward to seeing where this partnership goes!”
Due diligence was carried out with support from Interpath Advisory and European Valuations. Legal advice was provided by Bermans, while AB Corporate supported Bolt Industries’ investment and Mills & Reeve advised Steel Dynamics.
