The owners of the company, which is a supplier of storage products to industry, government and public bodies, invested £100,000 in the transaction, which was also backed by a confidential invoice discounting facility and loan worth £150,000. Metalrax will leave AIM following the deal.

Metalrax managing director and executive shareholder Marko Ivanovic, who led the buy-in, comments that the fundraising will allow the company, whose current clients include Her Majesty’s Courts Service, the National Museum of Wales, Next, Boots and Argos, to move into new territory.

He adds, ‘Metalrax’s main customer base is in the commercial and industrial sectors but I see huge potential to move into other sectors, particularly retail. The invoice discounting is vital in providing us with the working capital we need. We couldn’t move forward without the funding we secured.’

Manchester-based TMG Corporate Finance negotiated the acquisition with a new finance facility provided by Lender Venture Finance.