Woodvale Studios, a brand new business within Brighouse that designs, manufactures and distributes own label gift wrapping products, has agreed a 1.45 million invoice factoring facility from Aldermore, the specialist lender and savings bank containing recently celebrated its seventh anniversary.
The business, which currently employs circa 20 people, is intending to operate the new funding to assist working capital needs to support future growth.
Woodvale Studios offers bespoke designed gift wrap and accessories due to its customers and are operating in numerous countries worldwide.
Guy Pettigrew, Finance Director at Woodvale Studios, said: “Due to your seasonal nature of your retail market, we required funding to shop for the materials and supplies required for us to serve our clients. Aldermore can quickly give you the capital we needed to guide production and not just affect stock availability.
“We also needed the freedom to draw in down from your facility whenever discovered grow our manufacturing operations sooner or later. Our new agreement will enable us to stay to be effective and fund this growth. Longer payment terms are standard during the sector which means this was a key requirement for us, plus the facility from Aldermore will mean that many of us can focus our efforts on growing the business enterprise as effectively as possible.”
Stefan Radymski, Head of Business Development for Invoice Finance at Aldermore, added: “The organisation carries a robust plan for success and management team consists of experienced people that have strong backgrounds in finance and merchandise. The organisation posseses an exciting road before it, so we’re really glad to happen to be able to support their growth aspirations.”
