Praetura Commercial Finance Delivers More Than Three Times the Funding of Existing High Street Provider to Power Dante Group’s Phenomenal Growth
The business has expanded significantly in terms of both its geographical presence and the services provided. Dante Group relocated this year to new headquarters in Warrington, more than doubling its office and warehouse space. As well as covering the Midlands and the North West from its new offices, Dante Group also serves the South East from Luton, the North East from Sunderland and Scotland from Glasgow and has recently made a key appointment in Bridgend in Wales to extend its reach to the South West, effectively providing its customers with a national offering.
As a result of rapid and sustained organic growth, the decision was made to refinance the company’s £600k bank overdraft facility. In addition to securing an increase in the facility size, the management team were also seeking a more responsive, relationship-driven finance partner that they could work with in the long-term.
Following a personal introduction from a friend, Praetura Commercial Finance delivered a flexible £2,000,000 Confidential Invoice Discounting facility to fuel organic growth and inject further headroom, allowing management to drive forward their strategic objectives.
David Roberts, Director of Dante Group, said: “We have projected a £2million uplift in business this year and recognise that a fixed ceiling bank overdraft would have severely restricted our growth. Whilst we had not used Invoice Discounting before, we could see the advantages of the flexibility it provides immediately, enabling us to make the necessary up-front investments in people and infrastructure.”
He continued:“The new working capital facility provided by Praetura Commercial Finance has enabled us to take our expansion to the next level. We are dealing with experienced decision-makers who are prepared to take a pragmatic and knowledgeable view on our business and the direction it is following. What I like about their management team is that they have grown and sold businesses themselves and that experience is invaluable to us. They were keen to understand our business from the start and were very attentive, without being pushy. We have developed a good mutual understanding and everything they have done has provided us with confidence.”
Stuart Bates, Commercial Director of Praetura Commercial Finance commented: “We are delighted to welcome Dante Group and to help them accelerate their growth as they develop their multi-service model and extend their geographical reach. There were no surprises involved in this transaction, other than the fact that the incumbent bank was unable to convert to a more flexible and appropriate working capital facility. This is just the type of business that we love to work with, an experienced management team with a strong customer base and an exciting future.”