Bibby Financial Services signs deal to save Surfanic skiwear
Bibby Financial Services has agreed a £2.6 million funding plan 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.
Essex based 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 finance provider, resulting in an inability to fulfil new customer orders.
The new deal allows BFS to meet customer demands for the busy winter period.
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. BFS were able to provide an add-on flexible facility which had a lower cost to our business.”
Chris Farnworth, corporate manager at Bibby Financial Services said: “This is a fantastic example of how we can provide an integrated finance package that supports clients and offers flexible capital solutions. We were able to understand the complex trade cycles whilst understanding the timing of the cash flow needs.”
Bibby Financial Services is an independent invoice finance specialist, with an annual client turnover of £5 billion and 19 local offices. It was formed in 1982 and is a member of the Asset Based Finance Association.