Yorkshire Bank engineers growth for aerospace parts manufacturer

Yorkshire Bank is assisting with the expansion of a supplier of specialist manufacturing services to the aerospace industry.

The Leeds-headquartered bank has provided a multi-million pound funding package to Tritech Group Ltd, which builds and supplies specialist parts to customers including Airbus, to boost its growth plan.

The deal was delivered by Mark Preston, director in Yorkshire Bank’s specialist and acquisition finance team.

Founded in 1982 to supply investment casing products and services, Tritech has expanded to become an organisation that provides manufacturing capabilities from a single source of supply.

The group now operates from six sites - three in Wrexham, two in Devon and a facility in Dharwad, India which is the country’s first aerospace approved site for aluminium castings.

Tritech’s order book is currently valued at £26m and it is expecting to grow turnover by 15% over the next 12 months.

Martin Parry, financial director at Tritech, said: “We began exploring new funding options when our contract with our previous banking partner ended.

“Our priority was to find a Bank that had more clout in our industry and Yorkshire Bank was able to demonstrate it had the influence, knowledge and experience that we were looking for. We were also reassured by its responsive and flexible approach.

“All in all, it is an impressive package of support and we look forward to developing our relationship with Yorkshire Bank.”

Owen Malton, regional head of specialist and acquisition finance in Manchester, added: “Tritech is an impressive engineering business with a long track record of delivery and I am delighted that we demonstrated our understanding of the key drivers of the business and through our ABL capability were selected to be the group’s bankers.

“The future growth plans are exciting and we look forward to working with the Tritech team in the future.”

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