AMG Group secures funding facility to support growth
Port Glasgow firm AMG Group (AMG) has signalled continued growth in the UK and overseas after agreeing a substantial funding line with RBS Invoice Finance (RBSIF) and RBS Corporate and Institutional Banking.
The undisclosed funding includes a term loan and an asset-based lending facility secured against the company’s receivables and inventory.
The debt package will support AMG’s continuing expansion strategy via its network of international distributors and new UK product categories as well as further investment in its portfolio of market leading, outdoor, footwear and snowsports brands.
Founded in 1966, AMG operates from impressive premises in Port Glasgow, which span 70,000 sq ft of warehousing, 10,000 sq ft of offices and 30,000 sq ft of dedicated showrooms. The firm currently employs 90 staff and are owners and distributors of leading European camping and outdoor brands including Vango, Force Ten, Lichfield and Blacks of Greenock, Rossignol, Asolo and Trangia.
Steve Craig, commercial director of AMG said: “We are very pleased to be working with RBS IF and RBS CIB who are helping us to further our footprint thanks to the provision of a flexible funding package. This will help to facilitate our strategic plans for the AMG brand portfolio as we look to expand both overseas and at home. It’s a very exciting time for the business as we seek to increase our distribution channels and awareness with consumers.”
Lorna Bell, corporate development director, RBS Invoice Finance said: “AMG are a well respected name in the outdoor industry and their extensive range is synonymous with quality and reliability. The asset-based lending line will support AMG’s seasonal working capital cycle allowing them to leverage assets to unlock greater funding and accommodate future growth.”
Stuart Downie, relationship director at RBS Corporate and Institutional Banking said: “Our relationship stretches in excess of 30 years and we are delighted to support this successful Scottish business”.