The urgent need for funding assistance had been raised by the UK Automotive Council, as the UK economy and automotive supply chain, was facing the risk of losing valuable orders and opportunities for job creation. UK automotive suppliers had identified the inability to fund the bespoke tools required to complete specific contracts, as a very significant factor restricting cash flow. So 6 months down the line, how has the RBS Tooling Finance funding helped those who so needed it?
Richard Hill, Head of Automotive and Manufacturing at RBS, commented:
“The launch of the RBS Tooling Finance was a solution to help the UK’s supply chain fulfil it’s potential. I am delighted to see deals begin to draw down on this funding and am proud to know that we are helping those suppliers who needed it most. We are very much open for business and we want to support this extremely important sector. The scale of the opportunity to support the UK automotive industry, and beyond, is very significant.”
DMS is one of Europe’s leading authorities in electroplating of injection moulded plastics. Having banked with RBS for 7 years, they were delighted to hear of the launch of the Tooling Finance funding. Chris Sharpe MD commented “I have always appreciated the expertise that RBS holds in terms of our sector, they understand us and our needs. We are a Tier II supplier which ultimately supplies in to JLR and this facility effectively provides us with an additional funding avenue. We have borrowed an additional £250k which will help us purchase the specific tooling required in our manufacturing process, taking pressure off vital liquidity going forward.”
Based in Shropshire, Grainger & Worrall employ over 400 people and their services encompass up-front engineering, precision machining and consultancy. They also produce their own tooling. Edward Grainger, Executive Director, from G&W commented “We have banked with RBS for over 25 years and so our relationship is a long-standing one. On understanding more about the Tooling Finance proposition, it immediately appealed to us and met our needs. We work with a lot of OEMs and therefore will find this incredibly useful.”
Michael Mychajluk, Supply Chain & External Engagement Manager, Jaguar Land Rover commented “We have been working in collaboration with RBS through our joint actions in the Automotive Council. The automotive industry's requirements are so specific and we are delighted with the resulting Tooling Finance proposition. The UK supply chain is critical for JLR and there is definitely an appetite for Tooling Finance as this RBS proposition has proven. It is to the credit of the British Banking Industry as a whole that they have listened to our needs and delivered new products in such a timely manner.”