Aldermore Bank has provided an asset-based lending facility of £4.5m (€5.3m) to luxury pens and personal accessories manufacturer A.T. Cross.
Luton-based A.T. Cross has a workforce of 78 in the UK, and distributes goods to over 140 overseas markets. The company developed the propel-repel mechanical pencil and the Stylographic pen, a precursor to the ballpoint.
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It hopes the funding will allow it to build on its success following the acquisition of the Sheaffer brand.
Paul Burmeister, chief financial officer at A.T. Cross, said: “We were very impressed by the [Aldermore] team’s enthusiasm and ability to work to our rigid timescale, at the same time as being flexible and resourceful when it came to your bespoke needs.”
John Savage, business development manager, asset finance at Aldermore said: “We’re delighted to be able to provide the organisation with such a substantial ABL facility. With the new funding in lace, the company is extremely well-placed to meet growing customer demand for tis high quality products.”
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