Leading cable assembly manufacturer gains £3 million funding line from Praetura Commercial Finance
Amount
£3m
| Client: | Cable Assembly Manufacturer |
|---|---|
| Service: | Confidential Invoice Discounting |
| Outcome: | Growth |
The Challenge
A manufacturer of cable assemblies has recently secured substantial new orders from existing customers in addition to large contract wins from new clients. As a consequence of this increased level of demand for the company’s services, the existing working capital offering from a mainstream bank was proving very restrictive.
The Solution
The managing director of the company, commented: “We have projected 20% growth from 2018 to 2019 and therefore sought a new confidential invoice discounting line that would accommodate this. We identified that Praetura Commercial Finance would be able to structure a transaction with the financial headroom we need to sustain this increase in sales. Unlike mainstream funders that tend to work to a rigid set of criteria, Praetura Commercial Finance demonstrated genuine flexibility throughout the entire process, in terms of understanding our business model, concentration levels and the structure of our overseas operations.”
The Transformation
He continued: “The team at Praetura Commercial Finance has been helpful, easy to work with and worked hard to ensure the smooth completion of the transaction. The time from closing the account with the current lender to moving over to Praetura Commercial Finance took just 48 hours, exactly as they had promised! We are excited about the future of the business and this new facility provides the ideal funding platform for further growth.” Stuart Bates, Commercial Director of Praetura Commercial Finance, said: “It is always exciting to help businesses achieve their growth ambitions by delivering the quantum of funding they need at the pace they need it. We are extremely pleased to support this very well-established business that is attracting some of the largest client names in commercial vehicles. This represents an excellent transaction for Praetura Commercial Finance and we are delighted to support the management team as a key partner in taking their businesses to the next stage of growth.”
