Aldermore provides £900,000 invoice finance facility to support expansion
Aldermore bank has provided a £900,000 invoice finance facility to Bar Code Data Ltd, to support the purchase of the business and its growth beyond the pandemic.
Bar Code Data Ltd, is a leading provider of barcode solutions, renowned in the UK marketplace as one of the best. Its expertise includes barcode scanners, mobile terminals, label printers and the associated consumables such as labels and ribbons, together with label design or bespoke software to offer fully integrated solutions.
The business is based in Ashton-under-Lyne, near Manchester and was established in 1990 and was bought by Mike Jackson in January 2020.
Aldermore provided an invoice finance facility as part of the funding to support the deal, as well as a Coronavirus Business Interruption Loan Scheme (CBILS) facility supporting the business’ cash flow during the pandemic.
The business has innovated and adapted during the pandemic, creating a paid-for app that allows customers to self-print their labels, reflecting the trend towards digitisation in the industry. It has remained profitable with turnover in 2020 up by 26% with the company expanding from 20 staff across the group to 26, including taking on three apprentices. With Aldermore’s support, the business has recently purchased Bar Code Data’s smaller sister operation PMSS.
Chris Meldrum, national business development director at Aldermore, said: “We’re delighted to be working with Mike and his team at Bar Code Data. The business has used invoice finance to good effect, as it’s helped them to buy the business and get through the pandemic with the knowledge that cashflow isn’t going to be a problem. The finance we have provided will continue to help Mike and his team to manage the business’ growth. We look forward to continuing to support the business over the years to come.”
Mike Jackson, managing director at Bar Code Data Ltd, said: “Aldermore’s financing has helped us grow, enabling us to take on additional staff and buy new equipment. It also means we’re never late paying our suppliers. We have a great working relationship with Aldermore. The team has always had a really good personal touch and have been on hand to help and direct us, for example with the structuring of the deal. What differentiates Aldermore for me, is the flexibility of the approach. We had an invoice finance facility with a high street bank at the sister business PMSS but we’ve actually brought it all over to Aldermore now. Aldermore have genuinely been a great partner for us.”
Cheshire based Efinity Finance Limited recommended Aldermore for the funding.
Josh Hill, director at Efinity Finance Limited, said: “Mike and the team at Bar Code Data have plans for growth, so introducing them to a lending partner who will grow with them was essential. We’re extremely grateful for the support Tom and the team at Aldermore have given to help Bar Code Data navigate through the pandemic and ensure it’s well-positioned for the future.”