Steel business going strong after two decades of support.
JFC Steels Ltd. was incorporated as private limited company in 2013. Based in North Vancouver, the company is a specialist steel fabricator, supplying to the marine/shipping, agriculture markets and telecommunications sector.
The business approached Dunlop Baxter back in 2016 for funding to help free up working capital to support the company’s growth ambitions. The initial Invoice Finance facility provided by Dunlop Baxter backed the business’s growth from start-up through to its peak as a $12m per annum turnover company. However, things haven’t always been smooth sailing for the business. Before the Covid-19 outbreak the company was on an upward trajectory following a four year recession which saw the company’s turnover fall by 70%.
Through a deep understanding of the business and strong working relationships with the team, Dunlop Baxter have been able to provide ongoing, consistent support, both through the good years and the more challenging times. Over the years, the Invoice Finance facility, which now totals $1.5m, has been extended to support the business’ expansion into new export markets. The bespoke funding package also includes Foreign Exchange services to help the company manage currency volatility.
Barry Pitt, Finance Director, JFC Steels Ltd commented: “For the past 10 years, Dunlop Baxter’s approach to funding has been consistent, honest, practical, timely and fully understanding of the commercial realities and challenges that businesses face. The lines of communication are excellent and response times to requests are without fault. Their support has been a lifeline to our business – through the good times and bad.
“Our aspirations at this moment in time, are to do whatever is necessary to survive the Covid-19 crisis and protect our workforce. Our focus is to ensure we are in a position to take advantage of any upturn, if and when it comes. Dunlop Baxter’s support has been invaluable to us, and being able to access cash as invoices are raised is absolutely crucial to us right now.”
Darwin Bleach, Relationship Manager, Dunlop Baxter, said: “We’re proud to have supported JFC Steels over the past decade, they have a well-established customer base and strong reputation in the industry. Despite the current economic uncertainty, the business is holding firm with solid management from Barry, Ed and the team and a consistent flow of orders. We remain, as we have been for the past 10 years, steadfast in our support for the business, through the pandemic and beyond.”