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Reach helps north west textiles company boost working capital
Reach Commercial Finance has secured £600,000 worth of funding over three years to help an ambitious home textiles manufacturer boost working capital after a successful business turnaround.
Led by Debt Advisory Practitioner Shaun Hyland, the Reach team brokered a funding deal made up of £400k worth of invoice finance and a £200,000 loan from the Governmentes Recovery Loan Scheme (RLS).
This has helped the company deliver a buoyant, profitable trading period, completely turning things around for the business and getting things back on track.
Pressure was building on working capital, especially in the Far East, where suppliers with limited trade credit available needed to be paid and lender confidence was a problem - some not willing to back such a recent turnaround after past losses.
The funding package enabled the financing of the receivables created in concession stores, accelerating working capital and providing a top up facility via an RLS loan.
Shaun Hyland from Reach said: Despite the knowledge that finding the right solution could have been difficult, we worked with the client to understand the issues and then began to find the right funding partner.
In the end we chose to work with Close Brothers IF who showed great determination and imagination to come up with the funding solution.
Reach Commercial Finance is an independent financial brokerage of Leonard Curtis Business Solutions Group. It has a wide range of experience in helping limited companies and corporate entities secure funding.
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Reach Commercial Finance Limited. Registered in England no 09056450. Leonard Curtis is a trading style of Reach Commercial Finance Limited. Leonard Curtis is a broker not a lender and is independent with access to the whole of market. We may receive commissions that will vary depending on the lender, product or other permissible factors. The nature of any commission model will be confirmed to you before you proceed. Authorised and regulated by the Financial Conduct Authority FCA no. 753686. Registered with the Information Commissioner’s Office reference ZA069234
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