Founded in 1980, IDS is a niche engineering company operating in the design and manufacture of belt tension measurement and automotive production line assembly equipment including hose clamp detection systems, that have become even more pertinent with the increased production of electric vehicles (EV). The business completed a management buyout in 2018 and therefore required bespoke funding to refinance existing debt.
Opportunity & Outcomes
We were able to provide a £1.4M loan to Clavis IDS to support its future growth. Andrew Punton, Managing Director of Clavis IDS, commented: “Despite the impact of COVID on our customers, we’ve managed to deliver against our plan since the management buyout, and thanks to this capital from OakNorth Bank, are well placed to continue growing as the automotive sector recovers and production lines are restarted. We’ve taken out business loans before, but the OakNorth experience was very different – speedy, transparent, and entrepreneurial. As a business celebrated for its innovation, we appreciate the innovative approach OakNorth Bank has taken to commercial lending.”