Stable and secure finance for print and packaging firm
Industry: Print and packaging
Product: Asset based lending (ABL)
Facility size: €3,500,000
Business need: Find a new, stable provider
Elements of the deal: Confidential invoice discounting and property finance
When their funding provider pulled out of the Irish market, one of Ireland’s largest stationery and print providers needed to quickly source new financial support.
Close Brothers Commercial Finance was chosen to provide a confidential invoice discounting facility along with an additional €800k loan on the company’s property, which offered a substantial asset based lending (ABL) arrangement. The customer also took advantage of additional support through Close Brothers' bad debt protection product, which provides cover on all credit approved client accounts.
This ABL deal allowed the firm to pay off the outstanding loan with their previous provider. More importantly however, the financial stability of being part of a leading UK merchant banking group allowed Close Brothers to reassure the client that they would not be impacted by another provider leaving the Irish market.
The funding has enabled a merger and as a result, the firm has become an even larger player since the switch to Close Brothers Commercial Finance.
