Two UK businesses have secured a factoring
facility from Lloyds TSB Commercial Finance in the past few
weeks.
St Albans-based Cupcake Clothing, which
supplies knitwear to high street retailers, obtained a £250,000
factoring facility from the lender. The company approached the
Lloyds Banking Group-owned business to boost its cash flow, and now
expects to break its £3m sales target by the end of 2010.
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By GlobalDataJo Johnson-Mathers, who launched Cupcake
Clothing six months ago, said: “As a new business, factoring was
the perfect solution as it grows in line with sales and seasonal
fluctuations.”
In a separate deal, Lloyds TSB Commercial
Finance provided a £60,000 factoring facility to Plymouth-based
Redrok.
The company, a producer of branded corporate
gifts for clients including Holiday Inn and the NHS, is recovering
after suffering cutbacks due to reduced business last year.
Roger Edwards, regional manager at Lloyds TSB
Commercial Finance, said: “Factoring was the ideal solution for
Redrok as it quickly injects capital into the business,
reinvigorating cash flow and, as the business continues to grow,
more funds can be released to support its expansion.”
