Praetura Commercial Finance has provided British cycling distributor ZyroFisher with a £25m asset-based lending (ABL) facility.
Based in Darlington, ZyroFisher stocks bicycles, parts, clothing and accessories. The company distributes its 28,500 lines of products from a 100,000 sq ft. state-of-the-art warehouse in the North East and a new facility in France, following its acquisition of leading French cycling distributor Royal Velo France in 2018.
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As part of the ABL deal, Praetura Commercial Finance will work with the business and its management team to support its growth ambitions and expand its operation in Europe beyond the UK, Ireland and France.
The deal comes after Praetura Commercial Finance recently surpassed its £100m loan book milestone. It also marks the second time Praetura has worked with a major cycling company following the lender’s £3.25m funding of Wattbike, the official indoor bike trainer supplier to the All Blacks.
The news also coincides with Praetua Commercial Finance onboarding 48 new clients across 2022, adding £41.5m of new facilities in its last trading quarter and growing its headcount by 85% this year.
Stuart Bates, Commercial Director at Praetura Commercial Finance, said: “We’re incredibly proud to be supporting another fantastic British company as it expands further into Europe. ZyroFisher has been active in the cycling space for many years and boasts a rich history, which is reflected in its partnerships with major global brands and household-name retailers.
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By GlobalData“Businesses need to adapt to changing conditions faster than ever, so many leaders are increasingly looking to independent financers that are much more flexible and entrepreneurial in their approach. We’re looking forward to working closely with ZyroFisher and supporting the business on its impressive growth journey.”
Robert Haycock, CEO at ZyroFisher, added: “The world is facing many challenges at the moment, but the straightforward approach from Praetura Commercial Finance meant we could meet all our financing needs quickly and efficiently, and that was paramount for us.”
Praetura Commercial Finance is part of the wider Praetura Group, a specialist debt and equity capital business that provides alternative lending solutions to more rigid institutional lenders.
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