Independent Growth Finance has delivered a £1.95m combined invoice finance and asset-based lending line for Pearl Automotive, a supplier to the automotive aftermarket.
The funding will help Pearl to consolidate and grow its existing business, and allow the firm to invest in new machinery to make the processes more efficient within its Essex headquarters.
Pearl has more than 40 years’ expertise in supplying the automotive aftermarket with more than 7,500 lines, including fitted and workshop consumables, servicing and display stands. The firm supplies customers throughout the global automotive market.
Robin Etherington, finance director at Pearl Automotive, said: “During any refinancing operation there are often obstacles, but the flexibility of the whole IGF team made the process easy. IGF had a complete understanding of our business’ requirements, and the facility will provide us with the ability to better service our growing customer base.”
Jeff Greenfield, ABL director for London and the south east at IGF, added: “The automotive sector has had some difficulties over the last few years, with insolvencies affecting a number of firms. We are proud that our combined facility has meant that Pearl is able to continue growing and diversifying its business during an uncertain time.”
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