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Support with flexible funding
As an importer in quality fashion products from China, the business had been trading for over five years and wanted to source shoes and quirky accessories from Europe that would interest higher-end retail buyers. With an ever-growing customer base, the business had an immediate need for additional cash to accept a large order from a major high street customer. The business initially approached their bank to extend their current finance facilities to support their growth plans. However, the bank was not able to provide any flexibility to their finance package, which is when they turned to Bibby Financial Services (BFS), to discuss Trade Finance as an option.
The BFS Trade Finance team quickly reviewed the business’s strategy and growth plans and were able to structure a funding line to support their ongoing cash requirements and provide same-day supplier payments. To better manage currency volatility and protect margins, BFS also recommended its FX service. The experience of the BFS team also helped to encourage new thinking in the business regarding manufacturer options and also the most appropriate countries and suppliers when sourcing goods.
Working with BFS has meant that the business could diversify its produce range, providing up to date fashions and meeting the demands of their customers. This has resulted in turnover growing and improved margins. The business has also benefited from being able to access the team of experts at BFS international offices, to help with local knowledge when it’s required.
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