Accessing Funds
Combined Finance - A Jewel In The Crown For Icon Live
One firm that is gearing up for booming festive sales is Icon Live Limited,
an importer of fashion jewellery and accessories, which they supply to
major blue chip retailers such as Asda, House of Fraser, Sainsbury’s,
Woolworths and Littlewoods. The firm was established just 3 years ago, but
already employs over 500 staff and has a projected annual turnover of £25m.
Valerie Scott, the firm’s Finance Director explains “Christmas is an
extremely busy time of year for us, as people scour the shops for gifts and
stocking fillers for their nearest and dearest. We have to deal with the
large influx of orders that these seasonal surges in demand can bring.
“We realised that in order to cope with the peaks and troughs that seasonal
demand can create, a flexible source of funding was necessary. But even
this proved challenging as a number of the high street banks that we
approached were reluctant to help fund our new start venture, simply
because we didn’t fit their rigid criteria.
“I was recommended the services of Bibby Financial Services after a chance
conversation with an accounting professional. Bibby were able to provide us
with the requisite cash flow at peak trading times as well as the ongoing
support we needed.”
Bibby Financial Services provided Icon Live a bespoke trade services
solution which releases much needed cash from the firms unpaid sales
transactions as well as assisting the firm by paying overseas suppliers
upfront on their behalf. This ensures that Icon lives suppliers are paid
quickly and efficiently and helps to maintain a good, working relationship
with them.
This combined offering, trade services offers a one-stop shop approach to
funding for successful, growing businesses which funds purchases and
ongoing sales.
Valerie is delighted with the arrangement and says, “We appreciated the
fact that Bibby were prepared to go that extra mile to help fund our
business and they have continued to impress us by offering innovative,
bespoke services tailored to meet our particular needs. With many great
opportunities in the pipeline Bibby Financial Services are
fully supportive of our plans for the business and it’s reassuring to know
that we have them on board for the future.”
