Nasmyth has successfully completed the restructuring of its parent company, with a significant increase in its capitalisation to allow further growth.
Advanced solutions offered by the Nasmyth group of companies include small to large sheet metal and fabrication, machining, mechanical/electronic and electro-mechanical assembly, test, composites, hydraulic and pneumatics.
The Board of Nasmyth haso announced the completion of a holding company restructuring that will provide both the financial security and capital base it needs to continue to prosper into the future.
Nasmyth, which has a growing orderbook and improving financial performance, will continue to be owned by Rcapital. As part of the restructuring plan, the company has been further supported through the provision of a further £5 million financing facility to support its planned growth in 2023/4.
The Board appreciates the support and understanding shown by Nasmyth’s customers, suppliers, and employees in the face of media speculation over the course of this week. The successful completion of the restructuring of Nasmyth Group Limited and continued financial support from Rcapital, will enable the company to complete its turnaround and to support its customers by increasing its production volumes in line with the anticipated increase in flying hours and defence production volumes globally.
As intended, the restructuring has not involved any job losses and the Group’s trading subsidiaries have continued to trade as normal during the period.
Over the course of Rcapital’s ownership, Nasmyth has invested in new technology and skills development in UK, a new management team and the expansion of Nasmyth’s Asian manufacturing capability. With the restructuring complete and the new financing facility in place, this leaves Nasmyth well-positioned to prosper in the future.
Tony Upton, CEO of Nasmyth commented: “With Rcapital’s ongoing support, Nasmyth will continue to make significant steps forward operationally and financially. We are well on the road to achieving our ambition to becoming a guardian and developer, of the key machining and fabrications skills necessary to support whole manufacturing life cycle for the aerospace and defence sectors.”