Customer: ExCel Plastics
About ExCel Plastics
ExCel Plastics, a manufacturing company, had been a Close Brothers Commercial Finance asset finance customer since the business began trading.
When they wanted to fund future growth, they opted to use asset based lending (ABL) consisting of a machinery facility, invoice discounting line and revolving term loan to increase working capital.
ExCel turned to Close Brothers for a bespoke package that released higher levels of funding and a flexible facility that could grow alongside their business.
Close Brothers was able to provide an asset based lending (ABL) package to assist business growth with an immediate cash injection. An invoice discounting facility and the use of market-leading, real-time online invoice discounting platform, IDeal™, saved ExCel Plastics both time and money. The addition of a revolving term loan allowed the business to boost working capital.
ExCel Plastics are benefiting from the full suite of Close Brothers Commercial Finance products. The facility has enabled the manufacturing firm to purchase raw materials in bulk when prices are competitive and the additional funding will be used to fund the client’s working capital during periods of projected growth.
By working together and taking the time to fully understand the business and its objectives; Close Brothers have been able to provide a flexible and efficient solution to enable the ambitious growth plans of the business.