Independent Growth Finance (IGF) has provided a £1m invoice discounting facility for Supply Plus, a British manufacturer and supplier of firefighting and safety equipment.
Operating out of Cambridgeshire, Supply Plus consists of three brands AS Fire & Safety, Bayley and Collins Youldon manufacturing a range of products for both UK and international use.
The success of the business domestically and in the EU encouraged the team to further seek international expansion. To fulfil this goal, the leadership team decided to fulfil a management buyout (MBO), enabling them to lead the company from the helm in new overseas markets.
Jeff Greenfield, asset backed lending director of IGF said: “We are thrilled to be working with such an established British company, one that sees the value in both the domestic and export markets. Despite the UK’s current economic uncertainty, growth is very much on the agenda for many UK businesses, and we are extremely proud to support this. We look forward to a long relationship with Supply Plus.”
Supply Plus will use the funding to develop products for export, notably for the European fuel delivery market. The export opportunity for fire based products within southern Europe has been targeted, with products also being used across Northern Africa.
Derek Gotts, chief executive officer of Supply Plus, said: “We wanted a pain free funding process, that would allow us to concentrate on steering the company on a path to greater expansion. At the same time, we had to make sure we were preparing for a future full of innovative developments, while nurturing the right talent to make this a possibility.
“Supply Plus decided on IGF as our partner because they had experience in the sector and provided us with flexible funding terms. We are a proud British business, and we appreciate working with a partner of a similar size, and growth ambitions much like our own.”
Earlier this month IGF agreed an asset-based lending deal with oil and gas manufacturer Pryme worth £4.5m.