- Location Alnwick, Northumberland
- Sector Manufacturing
Our combined Trade Finance, Bad Debt Protection and FX facilities helped Eyeworks Industries to expand its global customer base
Established in 2007 by Managing Director, Jamie Denholm, Eyeworks Industries manufacture and distribute eyewear ranging from reading glasses to sunglasses. The company supplies leading retailers and brands worldwide.
The business’s operations are based in China, where goods are manufactured and distributed in high volume to meet demand.
The company supplies leading retailers and brands worldwide and needed a specialist finance partner to facilitate its next stage of growth. After seeing no potential in a finance package from a high street bank, a friend referred Eyeworks Industries to Bibby Financial Services (BFS).
Our Trade Finance team were able to structure a £1 million funding line to support the business’s ongoing working capital requirements whilst providing same-day supplier payment and access to multi-lingual trade and currency specialists.
This meant that Eyeworks Industries could continue to expand its global customer base by manufacturing products in even greater volume to meet growing customer demand. In addition, BFS provided Bad Debt Protection in the event of non-payment or insolvency of the business’s debtors, offering certainty of payment.
Jamie said: “Historically, retailers stocked low-quality eyewear which hindered potential sales. Due to the volume of stock we sell on a monthly basis, we’re able to manufacture high-quality goods at a much lower cost. Having vertically integrated operations based in China has also greatly reduced our manufacturing time, meaning we can deliver higher volumes at a faster rate.
“BFS’s expertise and quality service have been a great asset to my business. They truly understand the business model and what we are working towards achieving in the near future. Having Bad Debt Protection in place additionally gives us peace of mind in the eventuality of debtor non-payment. We couldn’t achieve our level of growth without them.”