Bibby Financial Services Funds $8.5 Million Facility for Florida-Based Apparel Company
Major Sportswear Supplier's Seasonality and Growth Creates Largest BFS Deal of 2014
(firmenpresse) - ATLANTA, GA -- (Marketwired) -- 11/25/14 -- Bibby Financial Services announced today it has funded an $8.5 million accounts receivable and inventory finance facility for a Miami-based apparel company.
The 30-year-old business is a major designer and manufacturer of licensed sportswear for big box U.S. retailers and Fortune 500 companies. The firm's inventory is a mix of finished goods as well as basic items ready for customization.
Because of the cyclical nature of the apparel industry, the company experienced cash flow gaps during times of low demand. In order to pay suppliers and take on new orders, it pursued a new form of financing. Bibby Financial Services worked with the business to better understand its needs and created a tailored solution.
"As with any apparel business, seasonality is a major factor in cash liquidity," said Graham Plater, Managing Director, Bibby Financial Services South. "To create more working capital, we offered two products, inventory and accounts receivables financing, to help them smooth out the seasonality of the business and prepare for future growth."
Bibby Financial Services, a worldwide market leader in business cash flow solutions, bridges the access to cash gap between alternative lenders and traditional banks. It operates offices in 10 North American cities and 15 countries. Its product portfolio, which features factoring and asset-lending solutions, serves emerging and established companies. An approved lender for the Export-Import Bank's working capital guaranty program, Bibby USA and Bibby Canada are subsidiaries of its 207-year-old privately held U.K.-based parent.
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Andrea Duke
678-385-9679
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Datum: 25.11.2014 - 15:00 Uhr
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News-ID 355321
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