Warehousing and logistics firm expands on the back of invoice finance investment
RBS Invoice Finance is pleased to welcome Westex Ltd to the bank to support its ongoing cash flow requirements and aid further expansion for this London and South East warehouse and logistics firm.
Westex Ltd is in its 36th year of trading, where the original business began as a two man and a van operation in London delivering parcels. Bob Keable the group managing director, reports a very different story with 225 permanent employees and six warehouses all contributing to the success.
Head quartered at Bromley-by-Bow, East London, Bob recognised the health and beauty industry showed huge growth potential. Westex now work with over 200 clients in this competitive industry where they are responsible for housing and distributing their stock ranging from fragrances, makeup and skin care. Westex pick and pack these products from their East London, Harlow and Sevenoaks warehouses and deliver them to well-known high street department stores and retailers all over the UK, plus home delivery.
A new warehouse is planned to open on the M25 Kent/East London corridor in early 2018 complementing the company’s existing warehouse locations. Plans to identify a suitable location are in progress.
In addition, Westex has acquired their own fragrance and fashion brands as well as offering a printing service for their clients including flyers, leaflets and brochures.
To support this £15m turnover business, RBS Invoice Finance has provided a £2m invoice discounting facility to provide headroom at peak trading periods, Christmas being the company’s busiest period. It will allow for a more efficient way to access capital and operate the business.
Westex also utilises the Lombard capital expenditure facility for financing warehouse equipment requirements and has developed a long standing relationship with the Lombard team.
Bob Keable, group managing director, said:
“We have used invoice finance for many years and understand the benefits this source of finance can bring. We needed an invoice finance partner that was competitive, deliver on what they promised and understood our cash flow requirements. RBS Invoice Finance has more than delivered on these terms and we are delighted with the relationship we are developing.
“Westex has organically grown considerably over the last six years with more exciting plans to continue this in 2017. We are finding our international relationships with Australia and America are rapidly developing as health and beauty companies are looking to get their products into UK markets. We look forward to enhancing our proposition to international clients and seeing our business grow in this area. With RBS Invoice on board we can now forge ahead with these plans and take comfort in the knowledge that our invoice finance facility will grow in line to support this.”
Mark Nelson, business development manager, RBS Invoice Finance said:
“We are delighted to welcome Bob and the Westex team to RBS Invoice Finance and excited about working with them to enable further growth and expansion. This is a credible business that reports impressive growth and with our support we can help Westex continue their success story as they progress their plans into next year and beyond.”
