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Fishing for finance – Brookside Products turns to Leumi ABL
In a deal completed at the end of 2009, Leumi ABL has provided a £1.5 million invoice discounting facility to Brookside Products Limited based in Maryport, Cumbria. Established for twenty years, the £11 million turnover family-owned business specialises in the production of smoked salmon, supplying major UK retailers such as Sainsbury’s and the Coop.
The deal was introduced by Pathstone Finance of Manchester as Brookside was looking to increase their working capital over and above their bank overdraft, which partly remains.
John Heywood, Managing Director at Brookside Products, felt that invoice discounting was the way forward to boost the company’s working capital: “After speaking to several companies it was clear that Leumi ABL offered the best deal. Their approach was more professional and direct, backed up by speedy decision-making at all stages of the process. Chris Divers took the time to understand the special requirements of our business, involving seasonal funding variations and the need to ensure that the actual funds generated were sufficient for our needs.”
Chris Divers, Leumi ABL Sales Director - North, comments: “This deal was characterised by the client’s heavy reliance on two major retail customers, and the need to arrange bad debt cover on a small number of significant debtors, which can be challenging in today's market. We worked with Rycroft Associates to put the bad debt protection in place and now look forward to supporting the team at Brookside Products as they continue their successful growth.”
.
In a deal completed at the end of 2009, Leumi ABL has provided a £1.5 million invoice discounting facility to Brookside Products Limited based in Maryport, Cumbria. Established for twenty years, the £11 million turnover family-owned business specialises in the production of smoked salmon, supplying major UK retailers such as Sainsbury’s and the Coop.
The deal was introduced by Pathstone Finance of Manchester as Brookside was looking to increase their working capital over and above their bank overdraft, which partly remains.
John Heywood, Managing Director at Brookside Products, felt that invoice discounting was the way forward to boost the company’s working capital: “After speaking to several companies it was clear that Leumi ABL offered the best deal. Their approach was more professional and direct, backed up by speedy decision-making at all stages of the process. Chris Divers took the time to understand the special requirements of our business, involving seasonal funding variations and the need to ensure that the actual funds generated were sufficient for our needs.”
Chris Divers, Leumi ABL Sales Director - North, comments: “This deal was characterised by the client’s heavy reliance on two major retail customers, and the need to arrange bad debt cover on a small number of significant debtors, which can be challenging in today's market. We worked with Rycroft Associates to put the bad debt protection in place and now look forward to supporting the team at Brookside Products as they continue their successful growth.”
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