Defence manufacturer WFEL, which is backed by private equity house Dunedin, has secured a refinancing after winning new contracts.

Defence manufacturer WFEL, which is backed by private equity house Dunedin, has secured a refinancing after winning new contracts.

The company, which was bought out by Dunedin in 2006 for £48 million, has secured an increase in its banking facilities from £20 million to £30 million after replacing Kaupthing Singer and Friedlander with Lloyds TSB in its banking syndicate.

Dougal Bennett, a director of Dunedin on the board of WFEL, says that although the UK’s manufacturing sector is suffering, the Stockport-based company is bucking the trend.

He adds that WFEL is on track to achieve sales of nearly £40 million this calendar year, up from £29.6 million in 2008, after winning government contracts from the US, UK and Turkey.

The company supplies military bridging systems to 40 countries around the world, as well as providing repair, maintenance and training services.

Barclays remains in WFEL’s banking syndicate following the refinancing.