• £1.2m term loan and £1.6m invoice finance facility secured
• The funding will support Dunlop’s production line and factory reorganisation following a major contract win to supply air suspensions for electric vehicles
• Re-financing the business quickly was critical in Dunlop’s ability to deliver on this major contract
Coventry-based Dunlop Systems and Components is a high profile, international business established in 1890. They design and manufacture advanced electronic control systems and air suspension components, specialising in supplying top quality products and systems to the automotive and ancillary industries. Their team are experts in air suspension products at component level up to fully integrated bespoke electronic control systems and export to over 20 countries around the world.
The business recently won a major contract to manufacture and supply an Electronically Controlled Air Suspension System (ECAS) to new US electric vehicle original equipment manufacturer (OEM), Rivian Automotive. Amazon, Ford and other major investors have invested approximately $5bn into Rivian, which has significant growth potential. Santander UK provided the full re-banking through a £1.2m term loan and £1.6m invoice finance facility.
Robert Mansell, Managing Director at Dunlop Systems and Components commented: “We at Dunlop Suspensions systems are delighted to have Santander as our new banking partners. This new arrangement will give us the support needed to take the company forward, to make the investments required in new production lines and technologies to support new and exciting OEM contracts we have won on Battery Electric Vehicle platforms, across the globe. Given the exciting times ahead for Dunlop and for the UK on air suspension systems, we feel that Santander is the global banking partner needed to realise and to share our journey.”
Mal Powar, Relationship Manager, Santander UK, commented: “Dunlop has continued to demonstrate engineering innovation in the automotive electric vehicle sector and we are delighted to be able support the global growth aspirations of the business by providing a flexible funding package. We very much look forward to working with Dunlop through this expansion journey in the growing electric vehicle market.”
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