Arbuthnot Commercial ABL moves quickly to fuel fitted furniture supplier Hill’s Panel Products’ next phase of growth
Arbuthnot Commercial Asset Based Lending (Arbuthnot Commercial ABL) has structured and delivered a flexible asset based lending (ABL) facility for Hill’s Panel Products, a leading supplier to the fitted furniture industry. The transaction, which was completed in just three and a half weeks, will provide an increased level of working capital to enable the business to stabilise its cost base prior to embarking on accelerated growth. The comprehensive ABL facility comprised a confidential invoice discounting line, together with a revolving inventory and plant & machinery term loan.
Hill’s Panel Products (HPP) was founded in 1991 with the sole objective of supplying components to the furniture industry in and around Greater Manchester. Since that time, the company and its product range have expanded to cover full and processed sheet material, vinyl wrapped furniture doors and furniture fittings, with delivery throughout the UK. The business now has more than 250,000 sq. ft. of warehousing and production space across two sites; its headquarters in Oldham and a satellite unit in Sheffield.
Keith Wardrope, managing director of Hill’s Panel Products said:
“We were looking to develop a relationship with a strategic financial partner to provide the level of funding we would need, initially to stabilise our costs, add value to our customers and then expand the business from that solid platform. We are delighted at how Arbuthnot Commercial ABL has supported us during this period and feel we have chosen exactly the right partner to work with us long-term. Testament to their effectiveness in putting the funding line together, they have left us to focus on running the business, which has taken a massive weight off our shoulders. The process was as easy as it possibly could have been and I don’t think we could have accomplished what we have without the backing of Arbuthnot Commercial ABL.”
Andrew Rutherford, commercial director, Arbuthnot Commercial ABL, commented:
“Hill’s Panel Products is a strong, well-established business in the North West with a national reach and brand presence. We are delighted to support Keith and his management team in achieving their future growth aspirations. Once again, our team has delivered to meet client expectations; the provision of the quantum of funding necessary to meet our client’s objectives, delivery against tight timeframes, and the certainty that all businesses need in order to reach the next level in these challenging times.”