Toolspec customers include Jaguar Land Rover, JCB and Case New Holland.

Until July this year, Toolspec was part of the Arc Specialist Engineering group of companies, before being bought by Cable Capital Partners.

Following the acquisition, Bibby Financial Services was introduced to provide working capital to help the company develop as an independent business.

BFS’s corporate team provided £1.3m in invoice discounting and £300k through asset finance.

Jonathan Handford, managing director, Toolspec Manufacturing Company, said: “Vital to the next chapter for the business was securing a funding partner that can provide the working capital that we need by making use of our assets.

“Bibby Financial Services was able to come in quickly following our acquisition and provide the right funding package for our business.

“We have our eyes fixed on achieving strong growth. There are a number of opportunities that we are looking at such as broadening our product and customer portfolio to areas such as rail and aerospace. We also see strong opportunities in our existing markets.”

Eliot Mosafi, managing director at Cable Capital Partners, said: “As we neared the finalisation of the deal, we were keen to bring on board a funding partner that could provide a flexible working capital solution.

“Bibby Financial Services was able to structure a deal that works for the business and provide the funding that it needs.”

Cable Capital Partners is currently looking at further strategic acquisitions in the sector, such as sheet metal fabrication and powder coating, that would diversify its portfolio create synergies.

Bibby Financial Services has a network of 19 offices in the UK and provides funding solutions to around 7,000 businesses.