Shawbrook Bank has provided a £15m (€17.4m) financing facility to household brand JML, supplanting GE Finance with whom it had a 10-year relationship..
The challenger bank’s asset-based lending transaction will be composed of a £12m invoice discounting line and £3m of stock finance.
Tim Hawkins, managing director of Shawbrook Bank said: “Since launching in 2011, Shawbrook Bank has gone from strength to strength, and our new agreement with a major brand such as JML is testament to this.
“I see our partnership being an important component of an exciting future for both Shawbrook and JML.”
JML sells household items across stores in the UK and Ireland, and exports to over 80 countries. Ken Daly, chief executive officer of JML, hopes the financing facility from Shawbrook will help facilitate its growth.
Daly said: “JML has a strategic plan to double the size of its business over the next three years. Shawbrook will be instrumental in helping us to achieve this.
“We are looking forward to working together and are confident that this will be an excellent partnership.”