Success Story
| Region/Nation | South West |
|---|---|
| Programme | Enterprise Finance Guarantee |
| Partner |
Scorpion Tooling UK Ltd, a research and development driven manufacturing company based in Cam, Gloucestershire, was looking for additional funding to support a management buyout.
The company, which specialises in developing new tooling for niche markets, secured a term loan to fund share purchase and investment – which was partly supported by EFG. The funding helped new director Nick Reade take full operational control and implement a well-planned growth strategy.
As a result, Scorpion Tooling UK Ltd is now aiming to diversify the markets for which it develops tools and bring in technical sales support to enable further growth. New territories for the business include additive manufacturing and composite machining tools.
The EFG programme has allowed me to gain overall control of the business without having any available assets to act as a guarantee against the loan. This has enabled me to take the business forward, secure Innovate UK funding for research projects, and to explore potential export markets including through a planned DIT-sponsored trade mission to South Korea. Without the help of Lloyds Bank and the EFG programme none of this would have been possible. - Nick Reade Managing Director
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