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PNR Trading Limited
Leeds entrepreneur funds business growth and puts competitors in the shade
Local Leeds entrepreneur, Paul Ross, has grown his import wholesale designer
sunglasses business to a substantial seven figure turnover operation.
Working as a retail consultant some years ago, Paul spotted the opportunity to
purchase excess stocks of branded sunglasses and frames directly from the
licensees at low prices, and then supply large retailers at very competitive
rates. PNR Trading Limited was born.
Now, four years on, Paul and his team of eight staff at PNR Trading import
designer sunglasses and frames from Italy. Famous celebrity brand names are
supplied to retail giants such as Wal-Mart and QVC – not just in the UK but to
the European and US markets too. In fact, PNR Trading has become a top three
Import Export Wholesale supplier of ‘close out’ designer sunglasses and frames
to specific retail discounters.
As with many successful, growing businesses, Paul needed to find a way to fund
his rapid expansion. His large customers wanted to extend the ranges of
sunglasses into more of their outlets, putting more pressure on Paul’s working
capital. Paul says: “I’ve used big banks in the past but find that I always
have to deal with too many different people, and their services just aren’t as
flexible as the business really needs”.
This time, keen to find an enthusiastic and experienced funding partner to help
him realise his vision for his fast expanding business, Paul was introduced to
John Walsh of Leumi ABL via the British-Israeli Chamber of Commerce based in
Leeds.
Paul immediately noticed the different approach. “Right from the start, Leumi
ABL were really interested in understanding how I plan to build my business –
other funding providers didn’t take the time to understand my growth plans nor
the business of my suppliers,” adds Paul.
Leumi ABL is the specialist asset based lending subsidiary of Bank Leumi (UK)
plc, and provides growing businesses with a range of flexible financing
solutions to boost their cashflow and assist further business growth. In the
case of PNR Trading, Leumi ABL worked in conjunction with Bank Leumi (UK) plc to
supply PNR Trading with an invoice finance facility, stock finance, trade
finance, and commercial banking facilities. The structure of this deal means
that Paul’s business can benefit from higher levels of funding than would
normally be available from more traditional financial providers.
Commenting on the value of his new funding facility, Paul says: “Ultimately
this enables me to make more profit by having access to the flexible funding I
need to further expand the business and meet the needs of my customers.”
John Walsh, Leumi ABL regional sales manager for Leeds and the North East region
explains: “Paul has a great business proposition – it’s clear that he has a
solid, well managed business with strong growth ambitions, and that’s exactly
the sort of business we look to work with.”
Leeds-based John Walsh of Leumi ABL can be contacted on 07824 486818;
jwalsh@leumiabl.co.uk
