Invoice Finance package facilitates further success for Sussex pet product wholesaler
A wholesaler of pet product supplies in Rye, Loving Pets UK Ltd, is forging ahead with rapid growth thanks to a Factoring facility worth £150k provided by RBS Invoice Finance.
Loving Pets UK Ltd was established just two years ago by Jonathon Moyce after an opportunity arose to own the European license and agreement from Jonathon’s Uncle, Eric Abbey, who is the founder and CEO of Loving Pets Group in the USA. The UK and European operation is now on track to achieve a turnover of £1m-£1.5m in their second year of trading.
Supplying dog bowls, cat bowls, treats and accessories to the UK and European market, Loving Pets has gained contracts with some of the largest distributors and pet chains across Europe. Their number one seller is the Bella Bowl which sells on average around 500,000 units every month.
Loving Pets has ownership of an Indian based manufacturing facility for all their hard goods and the 100% all natural USA made treats are manufactured in their New Jersey facility, which is now SQF Gold standard and EU approved.
Their unique selling point is that they are innovative in their designs and can consolidate customer products on to one container and import them from their Indian warehouse on containers back to the UK and across Europe. This quick turnaround takes between 40-60 days.
Jonathon is looking to manufacture the treat side of the business which is anticipated to be up and running by 2019 and will mirror the USA operation. Jonathon has experience of working for the British Standards Institution as a food safety consultant so is well equipped to take these products to market safely and professionally.
Jonathon Moyce, director of Loving Pets UK Ltd, said:
“We did consider Invoice Finance in our first year of trading but given the business was in its infancy of research and distribution there was no urgent requirement. Now the second year is on track to present a different set of results, the factoring facility is helping to fund our goods being shipped from India, whilst in transit, rather than waiting for payment from our suppliers when the goods hit the UK shores. This has allowed for a more efficient way to access capital and operate the business on our 30 day terms.
Steve Taylor, business development manager at RBS Invoice Finance, said:
“The success of Loving Pets UK Ltd is testament to how factoring can help companies achieve rapid expansion in a short space of time. We look forward to helping this thriving business deliver year on year growth and continue its success story as one of the UK’s fastest growing pet products supplier.”