Bibby Financial Services (BFS) has provided a £1.8m Invoice Discounting facility to Sliders UK Ltd, a specialist manufacturer of doors. The facility allows the business to access funds earlier by releasing cash tied up in invoices.
Based in a state-of-the-art 70,000 square foot factory in Preston, Lancashire, the business supplies more than 300 inline sliding doors, 70 bi-folds and more than 200 composite doors each week to other fabrication businesses, such as trade suppliers, installers, general builders and developers.
Founded in 2002, the business later moved into its state-of-the-art manufacturing facility in 2008. Over the last year, Sliders has seen significant growth in demand, with sales increasing by 20% over last year.
As a result, the business needed a larger facility to serve its growing customer base, while also continuing to invest in growth. BFS’s Corporate Team was able to provide Sliders with a larger facility than its previous funder, strengthening cashflow and providing the working capital it needs to support its growth plans.
Jonathan Foxcroft, Finance Director at Sliders, said:“Our business has gone from strength to strength in recent years but, as a result of our success, we outgrew our pre-existing funding agreement with our previous funder. Bibby Financial Services offered us a larger facility that has the capacity to grow alongside our business.
“This extra working capital and the flexibility of the facility provided by BFS means that we no longer need to worry about cashflow, and can focus on increasing sales and developing the business. We have ambitious plans for the future and look forward to working alongside BFS as we continue to build on our growth.”
Chris Farnworth, Corporate Manager at Bibby Financial Services, said: “Sliders is an impressive business and we’re excited at the prospect of working alongside this growing business. This larger Invoice Discounting facility has helped to address cashflow challenges and finance growth in the coming years. Sliders can also continue to build relationships with its clients by managing its own sales ledger and credit control.
“At BFS, we’re committed to providing SMEs with the working capital they need at a time when other funders are scaling back. We have built on our corporate funding capability in recent years to include Stock Finance, Foreign Exchange and Asset Finance, helping us to write more sizable deals. Sliders is a real success story and we are pleased to have been able to provide the support it needs to continue to grow.”
Credit to www.BusinessLancashire.co.uk for this story.