UK invoice financier Absolute Invoice Finance has provided a £300,000 (€357,000) working capital facility to printing firm Pinstripe Print for acquiring Birmingham-based Edward Fox.
This is the latest of a string of funding facilities provided by the Aldermore-owned company in the past few weeks (see August issue of Leasing Life for additional details).
The latest deal has transformed the combined businesses into one of the largest independent printing groups in the Midlands, Absolute said in a statement.
The group’s owners now plan to grow combined turnover of the two businesses from £4.5 million to £5.5 million over the next 12 months.
Pinstripe director Nigel Lyon said: “I have used invoice finance for 20 years and firmly believe in the benefits it can bring to organisations like ours.
“The feedback from customers and staff throughout the acquisition has been very positive and the working capital facility from Absolute will enable us to maintain a healthy cash flow position during our anticipated growth.”