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Cambridgeshire electronics firm gets new owner
Secure Trust Bank Commercial Finance says that it has provided a GBP 2.15 million funding package to NJ Russel Holdings Group to support the acquisition of contract electronic manufacturer, Prima Electronics.
Prima Electronics, based in Cambridgeshire, manufacture bespoke electronic components and circuit boards. The business offers a range of electronic manufacturing services, including PCBA and surface mount assembly. The funding line provided by Secure Trust Bank Commercial Finance consists of invoice discounting, stock and plant and machinery lines. The GBP 2.15m sum will primarily be used to fund the acquisition, but will also boost cash flow, a press release reads. The two incumbent directors at Prima Electronics, Tony Hall and Mike Rogers have sold their stake in the business to Nick Russel, who will be heading up the business as Chairman. Tony Hall will remain within the business as Managing Director. "Prima Electronics is a fantastic business with great prospects for the future. Cambridge is widely known as a hub for tech start-up businesses, most of which will not have the capabilities to produce the electronic components needed to develop products. The plan now is to build on the solid foundations laid by the directors, and expand its services to all areas of the UK," says Nick Russel, Chairman at Prima Electronics, in the release. "We were keen to support Nick's ambition to develop Prima Electronics into a manufacturing business that can support businesses across the country. The company is currently in an excellent position given its reputation with local businesses and its capability to scale up, and we look forward to seeing its progression over the coming years," adds Tony Young, Regional Sales Director at Secure Trust Bank Commercial Finance.
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