Dorset-based aerospace manufacturing business, Beagle Technology Group (Beagle), has secured additional funding from Secure Trust Bank Commercial Finance (STB CF) to support its strategic growth plans and sustainability initiatives.
Beagle specialises in designing and manufacturing metallic and composite parts and structures, in addition to highly finished components for the aerospace and defence sector. The business was acquired by private equity firm Breal Capital in 2018.
STB CF originally provided Beagle with a working capital facility in 2020. A CBILS loan was later extended to support continued business growth and to help manage the economic impacts of COVID-19.
The business has grown significantly since STB CF's support, with its annual turnover doubling between 2020 and the end of 2024. The outlook is positive, having secured new contracts, which will underpin continued double-digit growth in the years to come.
To facilitate this impressive growth, the business has now increased its facility limits with STB CF to £8.2m. The additional funding will be used to install solar panels, bolstering its sustainability initiatives. The facility will also be used to purchase a new chemical treatment plant. Both of these initiatives will support overall business growth and allow the business to expand its customer base, along with ensuring Beagle continues to drive forward more sustainable practices.
Darcy Corben, Finance Director at Beagle Technology Group, said: "The STB team really took the time to get to know our business and the unique challenges we face as an aerospace manufacturer. Since we initially started working with team, we have grown significantly, with revenues having more than doubled. Therefore, extending this relationship and increasing the facility seemed like a no brainer to support our future growth.
"Through this, STB has become a trusted partner of ours and we are pleased to be working with them again for this next round of funding. The new funding will help us progress as a business and invest in our facilities to ensure we're remaining competitive, but also driving forward our sustainable practices and credentials. With the support now in place, I'm excited for what the next few years will bring."
Stuart Ayres, Portfolio and Structuring Director at Secure Trust Bank Commercial Finance, said: "Beagle has achieved significant growth since we began working with them in 2020 and the team is now set to build on this even further through our follow-on funding. Our support will help the business move towards a more sustainable future and we are proud to be a part of this journey which aligns with our own goals.
"It has been great working alongside Breal Capital again on this deal, demonstrating our ability to form long-term trusted relationships with private equity houses. I look forward to seeing what is next for the team at Beagle as they continue to expand."