Situation

We were introduced to a family-owned, long-established business that sells fabrics and accessories associated with the wedding industry. They are the key UK distributor to an EU-based manufacturer. The company’s growth was being hindered by an existing working capital facility, which was becoming ever more expensive and cumbersome from an administration perspective, leading them to review their options.

Challenge

The payment cycles involved within the business meant that a finance facility was needed. However, circumstances had changed, the business had evolved since the original funder was approached, and the current solution was not cost-effective or easy to manage.

How we helped

Newable took time to outline the flexibility of our Export Finance facility, which provided greater funding to the company, with a cost saving when compared to their existing facility.

Results

Our facility enabled the client to continue to grow, whilst reducing overall finance costs, replacing a more expensive and outdated lending solution. This support is a testament to our commitment to helping businesses thrive in the face of new challenges.

Social or environmental impact

This deal is an example of our UKEF-backed facility allowing a long-established and family-owned UK business to gain further trade both in the UK and internationally. This aligns with our mission to support businesses in their growth and expansion efforts, contributing to job creation and economic development.