Industry: Distribution and wholesale
Product: Invoice discounting with cash flow loan
Facility size: £7.9 million
Established in 1987, the business is one of the largest independent electrical wholesalers in the UK with a number of branches throughout the country. Providing next day delivery to a varied customer base and stocking many of the leading brands in the market, the firm are wholly focussed on providing a reliable supply and high levels of service.
With a strong financial performance and sales volumes exceeding pre-COVID 19 levels, a change in management personal has also taken place with the previous owners selling 100% of their share capital to an investment company as they move towards retirement.
To facilitate the management buy-in (MBI), Close Brothers structured an invoice discounting facility in addition to a cashflow loan to help fund the initial transaction and also to aid ongoing working capital requirements.
This will help support the business in continuing to grow and plan for a successful and profitable future.
