UK challenger bank Aldermore has provided a £2.5m (3.28m) invoice finance facility to housekeeping support service Central Facilities Group, while Ultimate Finance has provided a £300,000 asset finance facility to compression stockings manufacturer Pretty Legs Hosiery.
Central Facilities Group supplies cleaning and facility management for hotel groups such as Hilton/DoubleTree, Crowne Plaza and Ramada.
According to Aldermore, the finance will enable Central Facilities Group – which currently employs over 2,000 people – to expand its business further by increasing its portfolio of retail and commercial clients.
Pretty Legs Hosiery said it will use the asset finance facility provided by Ultimate Finance to invest in new machinery so can it keep up with rapidly increasing demand for its compression stockings.
The company is on target to manufacture 2.8m pairs of compression stockings this year and is forecasting 3.6m next year with 7.5m pairs being produced within five years.