Bishop Fleming advises NCMT Ltd on management buyout funding package

NCMT Ltd, a leading UK precision manufacturing firm, has secured a £13.5m funding package to complete the management buyout initiated in 2020. The transaction marks the start of a new banking relationship with NatWest and provides the Group with the facilities required to continue its impressive growth trajectory.

Bishop Fleming’s Funding Advisory team supported the NCMT management team throughout the refinancing process, orchestrating a competitive process involving the UK’s 'Big Five' lenders. Following strong interest from lenders, Bishop Fleming successfully negotiated a funding package with NatWest comprising an £8.3m revolving credit facility, a £4m bonding facility, together with foreign exchange and operational support.

Jonathan Smart, Managing Director at NCMT, said:

“This is an important milestone for NCMT and marks the beginning of the next chapter for the business. With the management buyout now complete, we have a strong platform from which to continue investing in our people, technology and engineering capabilities, while supporting our customers with the advanced manufacturing solutions they need. We have ambitious plans for the future, and this funding gives us the flexibility to pursue those plans while continuing to build on more than 60 years of engineering experience.”

Tim Dooner, Finance Director at NCMT, said:

“The refinancing was an important part of completing the management buyout and ensuring that NCMT has the financial structure in place to support its next stage of growth. We were looking for a banking partner that understood the requirements of our business, particularly the working capital, bonding and foreign exchange support associated with larger and international contracts. The competitive process managed by Bishop Fleming enabled us to assess the options available and ultimately put in place a flexible package with NatWest that is well aligned with our long-term plans.”

William Jones, Relationship Director at NatWest, said:

“We were delighted to be mandated on this deal and to work once again with Bishop Fleming, strengthening our already strong relationship. Whenever Bishop Fleming is involved, we know we’re working with a professional, personable and highly credible firm that provides high-quality information and communicates openly and honestly at every stage of the transaction.”

The Bishop Fleming deal team comprised David Lock, Tom Jessamine, George Senior and Ben Davies. Tom commented:

“NCMT is a high-quality business with a strong market position and an experienced leadership team. The Group’s robust financial performance generated significant interest from lenders, enabling us to run a highly competitive process and secure an attractive funding package.

This marks a significant milestone for NCMT, with management now assuming full ownership of the business, supported by a flexible funding structure and a new relationship with NatWest, which shares the Group’s long-term growth ambitions. We wish them all the very best for the future.”

Expert support for your business at every stage

Speak to us today to find out how our Funding Advisory team can support your business at every stage of its journey.