Product: Asset based lending (ABL)
Facility size: €6,000,000
Business need: Growth and expansion
Elements of the deal: Invoice discounting and property finance
Close Brothers Commercial Finance provided funding for an Irish recruitment firm that was part of a larger group of companies. Two other businesses within the group were looking for substantial financial support and were also introduced to Close Brothers. Further to understanding their position, objectives and growth aspirations, an asset based lending (ABL) package was structured to free up a large amount of working capital.
Close Brothers combined an invoice discounting facility along with a separate line of funding against the value of their property. This allowed the firm to purchase the centrally located building that they had occupied for many years. In the last year alone the customer’s funding size increased by an additional €500k in order to support the significant growth that they have experienced.