Funding Solutions for a Specialist Clothing Manufacturer
Funding Solutions have sourced and structured a £2.6 million funding deal to support skiwear company Surfanic International Ltd. The deal is a combination of £700,000 in trade finance to support the business with its imports capacity and £1,900,000 invoice financing for its UK trade.
Surfanic International Ltd designs and manufactures skiwear for UK retailers. The business also imports a range of its products from China and sells to customers in over 20 countries.
The business had suffered from underfunding from their previous finance provider, resulting in them being unable to fulfil new customer orders. The existing facility was becoming increasingly restrictive, and we were able to increase funding lines enabling the business to meet customer demands for the busy winter period.
The funding deal has resulted in Surfanic becoming the key skiwear supplier for a global high street brand, with the customer looking to roll their designs out into other countries in 2017.
Ian Hepworth, Director, Funding Solutions: “This is a great example of how we work with clients to understand their needs. We then combine this with our in depth knowledge of the business finance market to structure a finance package that meets their needs. With the new funding package providing unrestricted funding I am sure Surfanic will continue to grow from strength to strength.”
Marc Pang, Surfanic International Ltd, said: “We found the offer from high street banks for funding quite restrictive with what they were able to provide for new business enquiries. Funding Solutions helped us source funding with an add-on flexible facility which had a lower cost to our business.”
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