MULTIMILLION POUND FUNDING STRENGTHENS SCOTTISH MANUFACTURER (microwave components manufacturer - MESL)

3 August 2009

MULTIMILLION POUND FUNDING STRENGTHENS SCOTTISH MANUFACTURER

An award winning manufacturer of microwave components for the communications, defence and aeronautics industries is looking to grow its business further after gaining support from Barclays Commercial Bank.

Edinburgh-based MESL Microwave has secured a multimillion pound funding package which will enable it to continue to build upon the successful growth that it has seen since undergoing a buy-out from French organisation Thales in 2007.

The £4m funding package will support the long-term growth of the company and will help it to continue to invest in the development of new products and expanding its operations.

Employing 125 people from its base in the Lochend Industrial Estate in Newbridge, MESL Microwave produces world-class components and subsystems for the radar, communications, defence and aerospace industries, its products can be found in airborne, ground and naval radar systems; in wireless commercial communications; and in ground-based satellite control systems.

“This funding from Barclays helps us to strengthen our position for the future,” said Mike Huggan, Managing Director of MESL Microwave.

“We had spoken with a number of different banks, but in the end decided that the team at Barclays really understood what we were trying to achieve and were the ones who could provide us with the type of expertise that would help us realise our ambitious plans. With the financial industry being as it is at the moment, I am pleased to be working with a bank that wants to help SMEs move forward, and I’m looking forward to working closely with the team at Barclays Commercial” commented Anthony Smith, Chairman.

Euan Tait, Business Development Director at Barclays Commercial Bank in Edinburgh added:

“Despite the tough trading conditions, MESL is an ambitious company and has done well throughout this economic downturn – thanks to the strong management team and the company’s workforce – and we are looking forward to helping them to achieve their future goals and objectives.

“It is no secret that many SMEs are finding trading conditions particularly challenging of late, but supporting those companies with a proven track record and strong proposition is something to which we are very much committed”.

Posted on Monday, 17 August 2009 under Homepage