Product: Heating stoves
Facility size: €906k
Business need: Funding to support seasonal demands and technology advances
Elements of the deal: €828,000 invoice discounting and €78,000 Liquidity Plus
Since its formation in 2008, this successful business has grown to become a leading manufacturer of heating and cooking stoves.
The use of invoice discounting will allow the company to add smart technology to its products enabling customers to interface with their appliance via a mobile application. They are also planning to manufacture replacement parts for their own products as well as all brands on the open market.
Due to the seasonal nature of the product, Liquidity Plus has been used in addition to the invoice discounting facility. This will provide an immediate cash injection to working capital in the winter months when facing high customer demand.