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Flexible Funding Builds State-of-the-art Facilities
Testing supplies company TSC needed to build state-of-the-art facilities while fulfilling existing orders
- Sector: Medical and retail supplies
- Customer: Technical Service Consultants (TSC) provide bacteria testing kits to the healthcare and food retail industries
- The company needed to construct new premises, while continuing to serve their customers in the interim.
- Santander offered a flexible funding package that included asset finance, international invoice finance, day-to-day banking and a fixed-rate loan.
- With funding in place, TSC have now built and moved into new premises. They have also successfully expanded their export markets and increased their R&D spend. They also no longer have to turn down larger orders.
- Now fully banked with Santander, TSC see their new financiers as part of their ongoing plans.
Founded over 30 years ago, Lancashire-based Technical Service Consultants (TSC) produces bacterial testing products for use by the food, drink and pharmaceutical industries. In 2011, TSC Managing Director Jason Rainbow decided to expand, the company’s current premises having already reached capacity. TSC needed new, state-of-the-art facilities with an enlarged ‘clean room’, vital to the manufacture of sterile products. However, the company’s incumbent bank proved unhelpful, as Jason explains. “They wouldn’t allow us to keep both the current building and take on the new building, and finance the fitting-out to maintain continuity for our customers,” he says.
Financing the move
TSC looked elsewhere for funding and met Relationship Director Ian Bateson at Santander. “I discussed our problems with Ian, and he suggested I talk to their Asset Finance Group,” says Jason. “He believed in us, and put us in touch with the right people, and explained our problems so we didn’t have to keep explaining our situation. The people we talked to were all really positive.”
Jason had a specific set of requirements in mind for a new funding package. “The one thing we needed was to have security over what we paid with a fixed-rate loan so we could have a good view on costs,” he explains. “We also wanted something that could be put in place quickly, and Santander delivered on that, getting everything done in just eight weeks after we said ‘go’.”
A flexible solution
Santander eventually delivered a funding package that included day-to-day banking, asset finance of £110,000, a loan of £300,000, and an invoice finance facility for international business of up to £500,000. A fixed-rate loan also fulfilled Jason’s wish to keep track of costs at all times.
This flexible solution enabled the company to not only build and move into new premises while continuing to do business, but also expand into overseas territories including Scandinavia. Their increased export revenue now comprises almost 25% of the company's turnover. “Before the move, we were turning away new customers and big orders,” explains Jason.
Now on a firm financial footing, TSC intends to increase their R&D spend further in order to develop their ranges for both industrial and clinical microbiology. The extra funding has also encouraged Jason to consider other routes to expansion. “While we plan to focus on organic growth, the possibility of acquisition of complementary businesses is always there,” he says. “Based on the experience we’ve had to date, I have no doubt that Santander would be standing four-square behind us to assist.”