Inspire are pleased to announce the completion of a £2.3 million funding package for Field International Group, the Poole based design and manufacturing business focused on the aeronautical and defence sectors. The funding secures current jobs and allows for future growth and employment opportunities. It is particularly pleasing that a large majority of Field’s output ends up in exported goods that aid the UK balance of payment reduction.
Inspire Managing Director, Warren Munson, worked closely together with Steven Neal and the directors of Field to find a creative funding package that matched the asset profile of the company against the backdrop of hardening credit lines from the more traditional sources.
Field have to invest extensively in design and development of complex components before they are able to offer them for sale to large International customers. The Group’s success actually puts cash flow under pressure, so it was therefore especially gratifying to work with Dorset Local Enterprise Partnership in what was their first more corporately focused investment.
Warren commented "We were appointed Auditors to Field in September 2012 and soon became aware of the need to obtain a more appropriate working capital and long term funding solution. We introduced Steven Neal who specialises in Corporate Finance and set about our task in earnest. Innovative thinking allowed us to come up with an effective solution that benefited all stakeholders."
David Booker, Chairman of Field added "We really appreciate and value the advice and leadership that Warren and Steven have provided. We will be continuing our relationship with them both as we look to restructure and improve our International positioning."
For more information contact Warren Munson at Inspire on 01202 717867.
Photo L-R: Warren Munson, Richard Marples (Commercial Director, Field), Bill Broome (MD, Field), Adam Oliver (Senior Financial Controller, Field), Steven Neal and David Booker(Chairman, Field)