ThinCats, an alternative lending industry leader, has joined forces with Edinburgh based Alderburn Finance and specialist marine training and consultants Stream Marine Training (SMT), to provide funds to bring a unique offering to Scotland.
“It was a delight to be able to help SMT finance their ambitious plans for growth. Due to the nature of marine training, finding the perfect facility can be tricky especially when it comes to looking at the cost implications of such a large-scale facility,” stated ThinCats CDO Damon Walford. “Initially business funding was largely provided through equity and mezzanine debt but when that was no longer able to help them grow further, alternative lending was the perfect solution for them. I am confident that it won’t be long before they have plans for even further expansion.”
Reportedly the first of its kind outside of the South of England, SMT is housed in the grounds of Glasgow International Airport where the proximity to the sea provides a wealth of opportunities for local training for marine sector staff. The funding has helped SMT cut both time and overall costs while also allowing them to offer consultancy services to the global maritime, oil and gas, renewables and construction sectors. Comprising a helicopter shell and life boat, ten new classrooms, a technical training suite, a mock helicopter pad for fire training, suite of offices and a canteen, the 18,000ft facility now aims to rival any European marine training provider.
“At SMT, we were in a position to grow very rapidly, and provide services that are desperately needed by a range of industry sectors. However, we needed the right funding to enable us to take advantage of the opportunities,” indicated SMT CEO Martin White. “Alderburn and ThinCats fulfilled that role extremely well and now we can focus on cementing ourselves as one of the centres of training in Europe. Many thanks to the ThinCats team for their help in taking SMT to the next level and we look forward to a very bright future for SMT.”
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