Praetura Commercial Finance supported Phoenix Cellular with a £10m facility to fuel their ambitious international growth plans and move from their current institutional lender.
Phoenix Cellular is Europe’s leading independent distributor of refurbished mobile phones, with operations in the UK, the Netherlands and Hong Kong with around 70 staff.
Founded in 2016, Phoenix Cellular was started by three seasoned mobile phone operators. Two of the founders, bothers Marc and Paul Walters were pioneers in the refurbished mobile phone industry, and as a management team they have a collective 25+ years experience in the sector.
Whilst most of its sales are within the EU and the UK, post-Brexit and post pandemic the business looked to remodel its supplier and customer base to recognise and adapt to the changes that had happened in the world. To achieve their goals, the management team needed a close working relationship with a finance partner that was more flexible and readied the business for growth, which they felt couldn’t be achieved through the incumbent high-street provider.
The Praetura team spent time with the management team to understand their logistical challenges post-Brexit and how it was integral to the business’s growth to maintain its sales distribution across Europe.
Praetura offered a Confidential Invoice Discounting and Stock Revolver facility in order to give Phoenix Cellular the ability to grow their revenue internationally and take advantage of the opportunities created by the recovery post pandemic.
Run by an excellent management team with a clear vision and strong governance, Phoenix Cellular now have the finance they need in place to realise their ambitious growth plans. This year is set to be a strong year for sales and they hope to continue to dominate their leading position in the mobile phone industry.
Marc Walters, founder at Phoenix Cellular, said: “Really delighted to have this new facility in place with Praetura. Stuart and his team were excellent throughout both in understanding the business, the changes afoot and creating the right facility to support the business growth in the years ahead“
Stuart Bates, Commercial Director of Praetura Commercial Finance, said: “Working with entrepreneurs like Marc and Paul is a real privilege for the Praetura team. We want to empower entrepreneurs through relationship-led lending that ensures the business’s needs are put first. Phoenix Cellular now has the flexibility in its finance facility to confidently pivot sales online and take advantage of its wide ranging opportunities for growth across Europe. We look forward to working with their team in the coming years.”
Client: Phoenix Cellular
Service: Confidential Invoice Discounting, Inventory Revolver
Outcome: Refinance and development capital