Fresh produce supplier receives facility from Praetura Commercial Finance Group to support their growth plans.
The Challenge
A well-established supplier of fresh produce sought a new funding partner to support their growth plans. Specialising in supplying produce to major retailers across the UK, the business required a flexible funding partner, specifically one who was able to adapt to the seasonality and debtor concentration fluctuations of the business.
The Solution
Praetura Commercial Finance Group were able to offer the required flexibility on debtor concentrations and structured a £1.5m confidential invoice discounting facility. The business had early access to decision makers at PCFG who took the time to understand the business. This ensured a prompt completion with a facility that met the client’s needs.
The Transformation
The new CID facility will ensure the business is positioned to achieve their growth plans without restricting their working capital.
The client commented: “Praetura from the outset were open-minded and flexible about how we could access significant funding in a challenging, fast moving environment where calculated risk is always part of the landscape but wasn’t a block to creating a partnership between the companies. As a business owner looking to improve the dynamic structure of how we are funded, it was great to meet the partners of Praetura and hear exactly what their principals of business are and how they aligned with ours – we had not experienced such a genuine interest in our business from a lender and an attitude of wanting our business to do well; it was not just a transactional partnership, Praetura really want our business to succeed which in my opinion is priceless.
“On a practical level, the flat structured, quick decision-making process in doing the deal was extremely refreshing and whilst all checks and balances had to be verified in depth, the speed at which the facility was set-up was extremely impressive.
“Now we are several weeks in to working with Praetura, I’m pleased to say that the processes are as slick and efficient as we’d hoped and we are receiving the support, help and most importantly funds as had been promised in the lead up to the deal.
“I would recommend Praetura to any business looking to reshape their funding, particularly entrepreneurial ones who need real focus and care and do not want to be just another customer on a long corporate list.”
Introducer to the client, Paul at Navigate Commercial Finance said: “The director and management have an infectious entrepreneurial passion for the business, couple this with exciting plans so it was important to secure a lending partner who would share in this vision. What Praetura do very well is involve key stakeholders at an early stage to speed-up the decision making and provide a degree of certainty to the credit process. From the first meeting to completion, Praetura were unwavering in their support to the client and even extended facilities, which mirrors the client’s entrepreneurial approach.”
