Household name JML partners with specialist bank Shawbrook
JML, the UK-based global consumer products company, has successfully completed a £15m deal to move its stock and debtor finance to Shawbrook Bank.
Shawbrook Bank will now provide JML’s main financing facilities, replacing the company’s previous 10 year relationship with GE Finance. The £15m asset-based lending transaction combines a £12m invoice discounting line and a £3m stock facility.
JML is the UK’s biggest ‘as seen on TV’ company and a household name. Its products can be found in most major retail chains in the UK and Ireland. JML is renowned for promoting its products in stores with digital screens and combining this point of sale marketing with heavyweight TV advertising. The company also runs its own 24hour TV home shopping channel, is a substantial direct response television (DRTV) advertiser and is a rapidly growing ecommerce retailer. Internationally, JML exports to distributors in over 80 countries.
Ken Daly, CEO of JML said:
“Shawbrook Bank, like JML, has very ambitious growth plans, and the move is a good cultural fit. JML has a strategic plan to double the size of its business over the next three years. Shawbrook will be instrumental in helping us to achieve this. We are looking forward very much to working together and are confident that this will be an excellent partnership.”
Tim Hawkins, managing director, Shawbrook Bank said:
“Shawbrook Bank continues to go from strength to strength, and our new agreement with a major brand such as JML is testament to this. I see our partnership being an important component of an exciting future for both Shawbrook and JML.”