Gift wrapping wholesaler secures £1m funding line to support overseas trade
Bibby Financial Services (BFS) has provided a £1m trade and invoice finance facility to Crown Greetings UK Ltd, a family run gift wrapping wholesaler supplying prominent high-street retailers in the UK and USA.
Based in Halifax, Yorkshire, Crown Greetings was set up in 2017 and has already established strong working relationships with Tesco, Asda and Poundland. Despite its relative infancy, the business has built up a global supply chain through a network of suppliers in China and India.
The bespoke funding package structured by BFS’s Corporate team will allow Crown Greetings to develop a more consistent revenue stream, as it expands its offering to include stationery products. It will also allow the business to consolidate its relationships with key customers by fulfilling more lucrative orders across a more diverse set of goods.
Through the invoice finance facility, BFS processes customer expenses, freeing up Crown Greetings’ time from chasing expenses and improving the cashflow of the business. The trade finance facility will mean the business can operate smoother transactions when purchasing goods from its supplier in India, in turn facilitating greater levels of customer trade.
A spokesperson for Crown Greetings UK Ltd. commented:
“As a young, outward-looking business, we required a funder who could support our ambitious business strategy. From the outset, BFS have been extremely approachable and professional, and demonstrated a strong understanding of our need to fund the exporting side of our business.
“This willingness to go the extra mile made the decision to partner with BFS a simple one, and we are delighted to have their support as we expand into new markets.”
Dan Burton, regional head of Corporate at BFS, said:
“In such a short space of time, Crown Greetings has established itself as a trusted and reliable wholesaler, developing an impressive portfolio of customers that are effectively propelling its growth.
“Our team recognised the importance of Crown Greetings’ overseas operations, and specifically tailored the facility to help overcome any cashflow or supply issues during the importing and exporting of its goods.”