Wallace McDowall

Wallace McDowall has been one of the UK's leading sub-contract sheet metal fabrication businesses since 1969. Following its acquisition by HLD Portfolio Group, the business entered a period of significant growth, its order book increased rapidly, and with it the need for a refinancing facility and additional capital to sustain that trajectory.

The requirement was £3.25 million: refinancing of the existing banking facility plus £500,000 specifically for growth investment. HLD had worked with Goodman Corporate for more than ten years. They came to us because they trusted our judgement, and because the deal required someone who knew the asset-based lending market in depth.

Asset-based lending is a specialist area. The right lender for a manufacturing business with a strong order book and significant physical assets is not always the most obvious one. 

A market-wide search was needed not a shortlist based on familiarity, but a genuinely open assessment of which lenders were best placed to understand this business and structure the deal properly. 

We ran a full market search and hand-picked four asset-based lenders from our panel. From those four, we identified IGF as the strongest match, the right combination of sector understanding, commercial approach, and appetite for the full facility including the growth capital element.

We structured the presentation carefully, ensuring IGF had a thorough understanding of Wallace McDowall's business, its assets, its order book, and its growth plan before the formal process began.

Within eight weeks, HLD had received their £3.25 million facility including the full £500,000 growth capital. The speed was a direct result of the quality of the preparation and the precision of the lender match.

Stephen Penrice, Financial Controller at HLD Portfolio Group, said: "We have a long-established relationship with Goodman Corporate, and we trusted them when they directed us toward IGF, as we had not done business with them previously. Goodman Corporate were spot on in terms of their assessment of IGF. It's a very strong ABL financier with an excellent focus on customer service. Dealing with them has allowed Wallace to continue on its current strategic path. We would have no hesitation in highly recommending them."

Paul Edmeades, ABL Director at IGF, said: "Goodman not only introduced the opportunity to IGF but provided professional support throughout the process, which enabled us to deliver in line with the customers' expectations."