Mid-market manufacturers
Businesses with a plant, a payroll and a cash cycle, where the constraint is working capital rather than demand.
A pillar of DRoyal Global
Lending
Credit for businesses that produce something, underwritten by people who have run one. We lend where the group has operated, because that is where our judgment is worth something.
What we lend against
Working capitalThe gap between paying for input and being paid for output
Equipment and asset backedAgainst machinery, receivables and inventory that exists
Supply chainFacilities sized to a real order book rather than a projection
Who it is for
Operating businesses with something to show for themselves. If the security is a spreadsheet, we are the wrong lender.
Suppliers inside a working chain
Firms whose receivable is only as good as the buyer behind it, and who need a lender who will check the buyer.
Owners funding the next step
Equipment, a second line, or a facility that has to be paid back out of what the business actually earns.
How a credit decision is made
Four stages, and the first one happens on site rather than in a meeting room.
01
The site
Someone visits. Machines running, stock moving, people working. A plant tells you in an hour what a file takes a month to.
02
The cash cycle
How long between paying for input and being paid for output, and what happens to that number in a bad quarter.
03
The security
Against assets that exist and can be verified, valued by someone who has bought and sold that kind of asset.
04
After drawdown
We stay in contact. A borrower in difficulty who calls us early gets a better outcome than one who calls us late.
Where our judgment is worth something
The group operates in these sectors. We lend into them because we know what a bad month looks like there, and what recovers from one.
Technology and services
Enterprise software, consulting and managed services, where the asset is a contract book and a team.
Energy and EV
Renewable generation and electric mobility, where the economics turn on offtake and utilisation.
Agriculture and food
Seasonal cycles, processing capacity and a working capital pattern that punishes the wrong facility.
Real estate and infrastructure
Project timelines, staged payment and the difference between a delay and a problem.
Outside these, we say so and make an introduction rather than lending into a sector we would be learning on your money.
What we decline
A lender who never says no is not underwriting. These are the ones that come up often enough to be worth publishing.
Tell us what you need- Lending against a projection when the operating history says something different.
- Sectors where nobody in the group has run anything, however good the paper looks.
- Facilities structured so that the only exit is another facility.
- Security we cannot inspect, verify or value ourselves.
- Borrowers who will not discuss what happens in a bad year.
Start a conversation
Tell us what the facility has to do and when. We will tell you plainly whether we are the right lender for it.
Contact us