IGF provides North West kitchen manufacturer with £4.15m ABL and invoice finance funding line
IGF has delivered a £4.15m combined invoice discounting and asset-based lending facility to a major kitchen manufacturer based in the North West. KPMG’s enterprise finance team advised the company throughout the process, helping them to secure the most appropriate financing package for their needs.
The manufacturer, which operates in both the wholesale and construction industry, recently secured important new business opportunities and required additional funding to provide the headroom necessary to service these new contracts. The firm sought a flexible new finance partner to support its growth; IGF stepped in to provide a £3.5m invoice finance facility payment alongside an asset based loan of £650k on company property.
Spokesperson for kitchen manufacturer, said:
“After winning two exciting new contracts, it was clear that we needed a new financier to help fund the projects and support our growth ambitions. In our sector, finding the right funding partner can prove challenging. Having assessed our financing options, we found that IGF was the most commercially minded and best understood our needs. The team was able to offer us a unique financing structure, which will help manage the contractual debt within the business.”
Richard Spielbichler, ABL director North West at IGF, said:
“In part, this business operates as a supplier to the construction industry and such businesses can struggle with access to finance due to the nature of the billing process. We worked closely with the company and its directors and could see that they had a clear strategy for growth. We’re pleased to provide this North-West business with the financial support it needs to fuel its growth and continue winning future contracts.”
Christopher Gibson, regional lead, KPMG Enterprise Financing, said:
“We are delighted to have supported the company throughout their refinancing process, and to have helped find a debt package that will support management’s vision for the business over the coming years. There’s an ever increasing number of competitive financing options in the market, particularly in the North West, and owner-managed businesses can now access funding structures that are really tailored to their needs. This deal demonstrates how KPMG Enterprise Financing can add real value to a borrower’s process, and it represents a fantastic outcome for all involved.”