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December 7, 2016updated 12 Apr 2017 3:44pm

Bibby Financial Services provides £3.75m to equestrian brand

Bibby Financial Services (BFS) has provided a £3.75m (€4.44m) invoice discounting, trade finance and foreign exchange package to equestrian business Matchmakers International.

By Brian Cantwell

Bibby Financial Services (BFS) has provided a £3.75m (€4.44m) invoice discounting, trade finance and foreign exchange package to equestrian business Matchmakers International.

The combined funding package, provided by BFS’s corporate team in Manchester, will provide working capital to enable the business to build on peak seasonal periods, in addition to supporting the business’s import activity, said BFS. FX services will be provided to enable the business to lock-in future contracts as it forward-buys currency in bulk.

Sanderson Weatherall provided a full valuation of all of Matchmakers’ current inventory to facilitate the transaction.

Liz Hopper, managing director at Matchmakers International, said: “As a company with heritage brands, we have enjoyed serving our customers for decades. We are now looking forward to focusing on developing and selling to an increasing array of businesses and consumers. We recently celebrated our most successful month, and as we approach 2017, we are excited to further establish ourselves as a leading company in this industry.

“What attracted us to BFS was its experience in structuring such finance packages and its collaborative approach to the funding. The corporate team at BFS understand the business and our growth ambitions, which is a huge advantage to us.”

Dan Burton, head of corporate (north) at BFS, who led the transaction, said: “Matchmakers International is highly regarded in its industry and has been well-loved by horse enthusiasts for decades. It is a company which shares our family values, as well as our Northern heritage.

“The key to structuring this bespoke package for the business, was working hand-in-hand with the team at Matchmakers and leveraging our expanding product portfolio. We’ve had great success combining invoice discounting with trade finance for a number of clients in 2016, and our agreement with Matchmakers is testament to our capability in this area of corporate funding.”

BFS’s corporate team is responsible for funding larger SMEs requiring finance packages from £1m to £15m. BFS said since its formation it had structured over 425 deals across the UK.

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