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Home » Other » Loan from Liverpool Increases Surface Transforms Funding
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Loan from Liverpool Increases Surface Transforms Funding

The Brake ReportBy The Brake ReportMarch 25, 2021Updated:March 24, 2021No Comments2 Mins Read
Surface Transforms will receive a 1 million pound loan from the city of Liverpool
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LIVERPOOL, U.K. – Surface Transforms, which manufactures next-generation carbon ceramic brake discs for the automotive and aircraft industries, will receive a £1 million pound loan from the Liverpool City Region Combined Authority, according to a recent report posted on BusinessLive.com.

The company, well known for supplying brakes to supercar makers like the German Koenigsegg brand, raised £20 million earlier this year to handle expansion.

Related post:
Funding Enables Surface Transforms to Expand Production

The funding follows a successful 18 months for Surface Transforms in which it has secured contracts to supply brake discs for five new vehicles from four major automotive manufacturers, providing an expected revenue pipeline of £43m. The company is also increasingly confident of securing at least two new contracts in the near future.

Excerpting from the BusinessLive post:

The firm said the loan was taken from the Merseyside Special Investment Fund and tied to capital expenditure, and will be drawn down between March 29 and September 29, carrying interest at 2 percent over the Bank of England’s base rate.

David Bundred, chairman, said: “We would like to thank LCRCA and MSIF for their contribution to our investment and employment plans. In combination with the excellent support, we are receiving from Knowsley Borough Council on other issues it is symptomatic of their collective wish to help.”

The entire post can be viewed by clicking HERE.

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The BRAKE Report is an online media platform dedicated to the automotive and commercial vehicle brake segments. Our mission is to provide the global brake community with the latest news & headlines from around the industry.

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The BRAKE Report is an online media platform dedicated to the automotive and commercial vehicle brake segments. Our mission is to provide the global brake community with the latest coverage of news & insights from around the industry.

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