Bibby Financial Services (BFS) has provided a £4m Invoice Discounting facility to the Bothongo Group UK, which has interests in the rapidly growing hygiene sector.
The Bothongo Group has been active in the UK for ten years, represented by its InnuSceince brand. It will continue expanding its presence in the UK with further acquisitions planned under the Healthguard Hygiene and InnuScience banners, with the credit facility granted by BFS supporting both brands. The Milton Keynes-based business specialises in hygiene products to support a strong cleaning regimen and is one of the fastest growing companies in its sector in the UK.
The Bothongo Group is using the funding to respond to a surge in demand for its products at a time when hygiene is critical. BFS’s Corporate team were able to increase the company’s initial £1.5m funding line with their previous funder by £2.5m to a £4m facility and generate £1.4m of this as working capital on day one of the transfer. The facility, structured by Ronnie Stokes and Dan Burton of BFS’s Corporate team, will enable the Bothongo Group to meet the rapid growth of new orders for its products as a result of the global pandemic.
Nick Winstone, CEO, Healthguard Hygiene Ltd, commented: “The global pandemic has made cleaning products like ours critical to business success. We are thankful that with our partnership with BFS means we can deliver these much-needed products to help protect against the threats presented by the pandemic.
“The BFS team took the time to get to know us and understand what we were trying to do. They worked to create a deal that matched our ambition, all in just six weeks. These are challenging times, but we are very excited to be helping more businesses protect their people.”
Ronnie Stokes, Corporate Manager, Bibby Financial Services, said: “Hygiene and health are top priorities for businesses, so we are very pleased to be able to support the Bothongo Group UK as they grow to meet demand under the Healthguard Hygiene banner.
“As a relationship based funder, we always take the time to get to know our clients. By understanding what Nick and his team were looking to achieve, we were able agree a deal that supports their unique circumstance and reflects the importance of their product to customers.”