Specialist bank Aldermore has agreed on a £5m facility to IT distributor GNR Tech.
The package will consist of £4m in invoice discounting and £1m of inventory facility.
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Telford, West Midlands-based GNR Tech represents 20 global IT vendors in the UK, including Intel, iStorage and Hannspree, and claims a client base of over 1000. Last May, it acquired the assets of defunct distributor Entech.
GNR aims to use the facility to expands its vendor base as well as its inventory. Managing director Dave Stevinson said the company operates in a “capital intensive business,” and that having the right capital structure is a “critical” factor.
Calr Finlayson, Aldermore’s head of business development for Invoice Finance, said: “These funding deals are all about relationships and from day one we were able to build a strong rapport with the team at GNR Tech. The management team has excellent industry contacts and a credible and well-articulated business plan.”
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