Client Story: TM Steels

About TM Steels

Founded in 1998 and based in Chesterfield, TM Steels is a specialist steel stockholder supplying critical industries across the UK and internationally. Operating from a 40,000-square-foot facility, the employee-owned business provides a wide range of specialist steel grades alongside in-house services including sawing, hardness testing and non-destructive testing.

With customers across sectors such as telecommunications, energy, defence, valves and actuators, TM Steels has built a reputation for quality, technical expertise and responsive customer service.

Challenge

Like many businesses operating in specialist industrial supply chains, TM Steels has had to navigate significant market changes in recent years. Longer lead times, shifts in steel production, international trade challenges and changing customer demand have all required the business to adapt while maintaining the quality, availability and service its customers rely on.

For a business supplying projects where quality, traceability and reliability are essential, maintaining a strong supply chain and responding quickly to market conditions remains critical.

Richard Hemingway, Managing Director of TM Steels, said:

"Our customers value our quality, knowledge, service and project management. In recent years we've faced a number of challenges with Brexit, UK steel mills not producing our grades anymore, long lead times from European mills and the recent tariffs and quotas affecting the market."

Solution

As the business has expanded into new sectors and international markets, TM Steels has relied on a combination of invoice finance and foreign exchange services from Bibby Financial Services to support its growth.

The facilities help the business manage working capital, maintain stock availability and navigate the financial demands that come with operating in global supply chains. This support enables TM Steels to continue investing in the business while responding to changing customer and market requirements.

Amy Hartshorn, Compliance Director at TM Steels, said:

"We've been using BFS for invoice finance for the last 25 years and more recently foreign exchange as we've adapted into new global markets."

Working with Bibby Financial Services

Over more than two decades, the relationship between TM Steels and Bibby Financial Services has evolved alongside the business. Having a dedicated relationship manager who understands the company's operations, customers and industry has provided consistency and support as the business has grown and adapted.

Amy added:

"BFS feels very much a family-feel organisation and it's the ability to pick up the phone when we've got an issue. We have a really good relationship with our BFS relationship manager, Elise. It's nice to know that we've got the same person every time we've got an issue. They know us, they know our company, our branding and our markets."

Impact

Today, TM Steels supplies specialist steel products to some of the world's most demanding industries and continues to expand its expertise into new markets. The business has strengthened its position in sectors such as defence, actuators and valves, while continuing to support long-standing customers across telecommunications and energy.

A major milestone in the company's recent history was its transition to employee ownership, helping secure its future and creating a sustainable foundation for the next generation of leadership.

Reflecting on the company's journey, Amy said:

"I'm proud of TM Steels from seeing it develop from the first order for £80 through to now receiving regular orders for £100,000 plus and also seeing people develop and grow within the company who now hold senior positions."

"Within the last five years, we've become an employee ownership trust, which has been a momentous occasion for all of us because everybody who works here is now a part owner of the company. Having Bibby there has helped us to ensure that we've got the financing and backing behind that, allowing us to make that progression to a new management team."