Nasmyth, a Milton Keynes-based precision engineering firm is set to nearly double its turnover after agreeing a £20 million asset-based lending (ABL) facility with Lloyds TSB Commercial Finance and acquiring five companies.

Nasmyth, a Milton Keynes-based precision engineering firm is set to nearly double its turnover after agreeing a £20 million asset-based lending (ABL) facility with Lloyds TSB Commercial Finance and acquiring five companies.

The funding will increase working capital and has enabled the business to acquire Coventry-based JS Chinn Group, a group of four airframe-engineering companies, as well as Towerfield Plating, a specialist metal surface treatment supplier based in Essex.

Steve Buckmaster, director of business development at Lloyds TSB Commercial Finance, said: “We worked closely with the team to devise an ABL package, which could draw on the strength of the entire group to provide the headroom required to target further organic growth and the facilities to support complementary acquisitions.”

These acquisitions and the firm’s continuing organic growth strategy are set to double the firm’s turnover to nearly £70 million over the next 12 months.