UK Firework and Events Co. expands with help from Legion Trade Finance

03-Nov-2015

As bonfire night approaches, one of the UK’s leading fireworks companies is set for an explosive growth phase after securing facilities from Legion Trade Finance.

Based in Runcorn, Cheshire, The UK Firework and Events Company was set up by entrepreneur Andy Foley in 2009 to service small-scale weddings and bonfires.

Fast forward six years and the business now supplies and manages firework displays for a range of major local authorities, high profile public events and corporate organisations around the country.

The summer saw The UK Firework Company deliver firework shows for events including the Latitude Festival in Suffolk and Peter Andre’s celebrity wedding to Emily MacDonagh in Devon. The company is now one of the leaders in the field thanks to its recent merger with competitor firm Highlight Pyrotechnics.  

Managing director, Andy Foley said the company is set to double its turnover over the next 18 months after securing financial support from Legion Trade Finance, an independent financier of UK companies which need facilities to purchase goods from their suppliers globally.

Legion offers structured finance solutions including supplier payments and supply chain finance, stock loans, letters of credit and structured finance for special situations. The typical facility ranges from £100,000 to £3m over the trade cycle and last year Legion facilitated trades worth £60m. It is able to cover 100% of the purchase price plus duty, logistics and even insurance.

Andy said: “I founded the company after working for a local independent firework retailer, initially to service the wedding market, local bonfire night and New Year events.

“The first three years saw rapid growth with turnover more than doubling year on year. Following our merger with Highlight Pyrotechnics we are now significantly larger in scale. We operate nationally and expect to double in size again over the next 18 months.

“Ours is a niche market with huge opportunities, and we came to realise that we needed assistance in making advanced purchases.  We were introduced to Legion through our business adviser, Mike Hide at Leaf Consulting, and have never looked back.

“This facility means we’ve been able to buy products in bulk in the run-up to the busiest month of the year for the industry. Having the funds available is imperative to our business during this time.

“Legion have been very flexible in their approach to structuring the facility. Its commitment to understanding our business has helped us achieve a good cash flow which is a key factor in our continued success.”

Mike Hide at Leaf Consulting said: “As a commercial brokerage with over 25 years’ experience we have a number of SMEs who rely on us to deliver business funding solutions. We have always found Legion’s team to be a very professional and experienced. As a result they’re able to structure deals which fit our clients’ own circumstances. We would certainly recommend Legion again in the future.”

Mike Yiannis, CEO at Legion, said: “This funding will enable The UK Firework and Events Company to deliver on its massive potential. This was not a straight forward trade deal due to licensing agreements surrounding the purchase of fireworks. However, it demonstrates the degree of flexibility that can be delivered through knowledge, experience and taking time to understand our clients’ requirements.”