An international AV furniture specialist has secured a substantial funding package aimed at driving its future growth.
The £1.8m finance facility will enable the business to expand its product offerings and enter new markets, marking a significant milestone in its journey.
Securing Funding for Expansion
An international design and distribution business has secured £1.8m in finance from a Manchester-based lender. This funding will support its ambitious growth plans. The business, specialising in innovative AV solutions, aims to use this substantial financial boost to expand its product offerings and enter new markets.
Established in 1977 and headquartered in Shropshire, the company has a long-standing reputation for quality and innovation. This funding marks an important milestone in its journey.
A Diverse Portfolio
The company’s diverse portfolio includes brands such as AVF, VELD, Altec Lansing, Multibrackets, and Happy Plugs. These products are widely sold across retailers and e-channels in the UK and North America.
The variety and quality of products have been key drivers in the company’s increasing turnover. Its market is constantly growing, both domestically and internationally.
Growth Through Management Buy-Outs
In February 2020, the company underwent a Management Buy-Out (MBO). This has since been followed by refinancing with the current lender, Praetura Commercial Finance.
The refinancing package is a tailored solution that combines confidential invoice discounting and a RLS Commercial Loan. This bespoke combination is designed to meet the unique needs of the business and facilitate its growth.
With this financial restructuring, the company is well-placed to explore new opportunities and navigate the challenges of an evolving market.
Strategic Collaboration
Praetura’s partnership with Kingsway Finance has been significant in securing the necessary funding. This collaborative effort ensured a bespoke financing solution.
Such strategic partnerships highlight the importance of tailored financial solutions in supporting business growth. They provide the company with the necessary headroom to innovate and expand.
Leadership and Vision
Simon West, Managing Director of the company, expressed gratitude for the lender’s efforts in securing the funding. He noted how the funds would enable further new product development and international customer outreach.
Tom O’Dell, Sales Director at Praetura Commercial Finance, praised the company’s ambitions and specialist status. He confirmed that the tailored facility meets the company’s specific needs, giving it room to execute its plans.
Paul Varley, Managing Director of Navigate Commercial Finance, also commended the funding structure. He expressed confidence that the company would thrive in this new chapter of its over 40-year history. Such endorsements from senior figures underline the positive impact of the funding on the company’s prospects.
Legal and Advisory Support
The funding deal was supported by legal advisors from Shoosmiths and Freeths. Natalie Barnes led the effort for the lender, while James Dyson represented the company.
Expert legal counsel is crucial in structuring such complex financial deals. It ensures that all parties’ interests are protected and that the terms of the agreement facilitate long-term success.
This significant funding package represents a pivotal moment for the company.
With robust financial backing and strategic support, the business is poised for continued growth and innovation in the AV furniture market.