Haverhill, September 14th 2009 - Car accessories company Winplus Europe Ltd have agreed a new working capital facility with RBS Invoice Finance to support the ongoing day to day requirements of the business, whilst also helping the company seek new market opportunities through this new funding base.
Based at Two Counties Business Estate in Haverhill the company supplies a wide range of car accessories to a number of national motoring chains in both the UK and Europe as well as to independent shops throughout the country. Despite difficult market conditions trading has held up reasonably well and having taken measures to improve their profit margins the company is looking to the future with the intention to expand their revenue streams and they were seeking a financial partner to support this growth.
RBS Invoice Finance has put in place the new working capital facility which helps to generate cash on their sales immediately through a pre-payment on their invoices, helping to overcome one of the areas that businesses are suffering from in the current recession, an extension to the collection of debtor payments. The day to day banking operations are also supported by the Business & Commercial banking division of RBS with Jason Smithers providing the company with relationship management support.
Commenting on the new finance package and the trading prospects for the company, John Kegg Managing Director of Winplus Europe Ltd who runs the business with his son-in-law, Damian Warren said:
"Most people will be aware of the troubles that have affected the automotive sector during the current recession but we have found that the accessories business has held up quite well as people are holding onto their existing vehicles for a prolonged period which means parts and accessories are in fairly strong demand. We have though taken the opportunity to address our working capital base that places us on a stronger financial footing, allowing us to adapt quickly to opportunities in the market, as and when they arise."
Henry Audley-Charles, Business Development Manager at RBS Invoice Finance who helped structured the new funding package added:
"With current market conditions the main concern facing companies is cash flow so John and his team have addressed this issue by utilising a facility using invoice finance which means they are making the most of their debtors to generate cash within the business."
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