Fashion manufacturer secures £2.5m facility from Cynergy Business Finance
Beverly Hills International, a manufacturer and supplier of accessories, clothing, luggage and watches based in Essex, has secured a £2.5m disclosed receivables finance facility from asset-based lending (ABL) specialists, Cynergy Business Finance (CBF).
Founded in 2006 by entrepreneur Earl Jacobs, who started the business as a career change from his background in optics, Beverly Hills manufactures and supplies fashion products worldwide. Focused on three key areas – luggage, watches and apparel – Beverly Hills’ primary customers include major supermarkets, hypermarkets and international distributors.
Since its inception, Beverly Hills has expanded to 15 countries across Europe. The new facility from CBF will facilitate growth in Asia and America.
Having previously used invoice discounting for 16 years with one provider, Earl sought a new funder that could match the next stage of growth of the business. Since being connected with Beverly Hills through Factoring Finance, CBF’s focus on providing flexible funding options enabled a facility at a higher level than was previously possible, with the option to grow as the business further expands internationally.
Earl Jacobs, founder of Beverly Hills International Ltd., said: “As a growing business, finding a new funding partner that could expand with us was of paramount importance. With this need in mind, CBF were a perfect fit. We were impressed by their previous work with other customers and felt that we could foster a strong relationship with the team that will hopefully last for years to come.”
“Despite being a small team of seven, we are incredibly ambitious. There is significant demand for our products across the world, so we are looking forward to what the next few months bring for our business, and happy to have CBF on board.”
Luke Fitzsimmons, corporate sales director at Cynergy Business Finance, said: “Given Beverly Hills’ excellent track record, we were confident that we could work with Earl and his team to establish a facility that worked well for the business. With real growth potential, we needed to find a solution that was truly flexible and would work long into the future. Beverly Hills has an exciting period ahead, and we are extremely proud to be playing a role in helping drive forward its growth.”
