Manchester’s Secure Trust Bank Commercial Finance invests £2m in Bake Off audio supplier

Secure Trust Bank Commercial Finance has invested £2m in Stage Electrics Partnerships Ltd, a provider of stage lighting and sound equipment for the entertainment industry.

The Manchester team’s seven-figure invoice finance facility will be used by Bristol-based Stage Electrics to invest in new facilities in Avonmouth and Patchway.

The company, which works with Liverpool Philharmonic, The Royal Shakespeare Theatre in Stratford-upon-Avon and other theatre venues across the UK, is looking to improve its margins within the next three years.

The Great British Bake Off, The Bodyguard, Guys and Dolls and Chitty Chitty Bang Bang are among the shows Stage Electrics has previously worked on.

The firm has additional offices in Exeter and London, employs a team of 240 staff and achieved a turnover of £30m in the year to 2016.

David Parsons, Secure Trust Bank Commercial Finance’s strategic development director, said: “Having worked with some of the world’s largest productions, Stage Electrics operates under high levels of pressure on a daily basis.

“As a result, the business requires strong levels of cashflow if it is to take this comfortably in its stride.”

He added: “Our financial package will enable the business to undertake its ambitious plans, as well as make the necessary investments to achieve its growth objectives.”

Stage Electrics chief exec Maria Townsend commented: “Having built our reputation successfully in the theatre and entertainment industry, working on some of the most well-known productions, we recognised the opportunity to restructure our business and drive further growth.

“With plans to expand our geographical presence in the near future, we needed a financial partner capable of producing an innovative financial solution.”

She continued: “We had developed a long-term relationship with the team at Secure Trust Bank, who were approachable and understood the workings of our business. As a result, they were able to provide a tailored financial package that worked alongside our expansion objectives over the next three years.”