Magnetic safety lock firm attracts £90k funding
Bibby Financial Services has provided £90k in funding to GOH Trading, an international supplier of magnetic safety locks. The funding package is a combination of trade finance, invoice finance and an FX facility, allowing GOH Trading to fund its business across its entire product cycle.
GOH Trading markets the ‘whatlock’® brand of magnetic safety locks for cupboards, doors and cabinets, with customers in the UK, Europe and other international markets.
BFS’s trade finance facility allows the business to purchase goods by bridging the cashflow gap between paying their suppliers and receiving payment from customers. GOH Trading is also supported with funding through invoice finance, allowing the business to access funds within 24 hours. Finally, GOH Trading has sought to mitigate its exposure to trading in different currencies with an FX facility.
As a family run business, GOH Trading is led by managing director Suzanne Hall and director Richard Antrum, with an experienced team, office and logistics based in Hull, UK. ‘whatlock’® is the original magnetic safety lock for cupboards, drawers and cabinets and has now been re-launched with a new design, brand image and website.
Suzanne Hall, managing director, GOH Trading explains:
“As an international business with an ambitious growth strategy we needed a funding partner that could provide a solution to scale with our business. BFS took the time to understand the international nature of our business and provide the funding package that suited our needs.
“Since relaunching our new design, we’ve had great feedback from customers and we’re very confident in our future growth prospects. It is our intention to capitalise on our success and grow the business in new markets with our innovative magnetic safety locks. The funding will play a crucial part in the growth of the business.”
Wayne Spratt, business development manager, Bibby Financial Service said:
“We developed a funding facility to support GOH Trading’s core business, provide scalability and protection from currency volatility when paying international suppliers. It is very common for international trade to be hampered whilst cashflow issues arise. Trade finance allows GOH Trading to bridge this cashflow gap between paying their suppliers and receiving payment from their customers.
“As the business increasingly looks to expand into other international markets, it was incredibly important for the business to limit their exposure to currency fluctuations, and that was why we integrated foreign exchange into the facility. Now that the firm has funding in place, we look forward to seeing its ambitious growth potential realised.”