£500k facility for Bathroom Equipment Importer & Wholesaler
An importer and distributor of bathroom equipment, who had only been established for 6 weeks, who supplies a number retailers and also direct to market, secured a large contract with a national retail chain . Although it was great news it caused a number of issues in terms of funding as the contract was considerably larger than their usual facilities would allow.
The company required funding up front, in order to pay the supplier before the goods were released and had exhausted its existing funding lines.
After approaching Business Assistance, a £500k facility was arranged and a Letter of Credit opened in favour of the supplier who received payment on release of the goods.
The resulting sales invoice was assigned to the lender enabling the funds to be repaid on its payment.
Our client generated a substantial profit from a deal that would not have been possible without our assistance.
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