Situation
We were introduced to a company operating in battery power technology, specialising in the design and assembly of custom-built battery packs and the distribution of industrial and consumer batteries to the UK & worldwide market. This innovative and rapidly growing business urgently needed access to additional working capital in order to manage an expanding order book.
Challenge
The company was experiencing high growth (75% pa) and was previously unable to fund the working capital required to unwind its order book through conventional banking facilities. This posed a significant challenge to the company’s ability to meet its growth targets.
How we helped
We extended two lines of credit with the amortisation profile aligned to contracts and payment dates. This provided the company with the flexibility it needed to manage its cash flow effectively and continue its rapid growth.
Results
We provided £300k of revolving facilities for the company, including an interest-only line of credit. This has enabled the company to manage its expanding order book and continue its growth trajectory.
Social or environmental impact
This deal is an example of our facility allowing a company in the energy and manufacturing sector to continue to grow and expand its reach both domestically and internationally. As a result of our support, the business has taken on 2 new engineers and 2 new administration heads to process new business and work with clients on future designs. This aligns with our mission to support businesses in their growth and expansion efforts, contributing to job creation and economic development.