Furniture manufactuer opens second site with support from invoice discounting facility
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Bristol based Moduflex manufactures office storage and furniture. The business was established in 1991 and is today run by Richard Blunden.
What did they want to achieve?
A plan for expansion included a new, second production site in Avonmouth. Dedicated to the design of MFC furniture products, this workshop would increase capacity and allow the business develop new ranges.
How we helped
We provided Moduflex with an invoice discounting facility to free up their working capital – cash that was critical for opening of their second workshop. Lombard, the asset finance arm of NatWest, also provided a loan for new equipment to be used in the factory.
Thanks to support from Royal Bank's invoice finance team, we've created a brand new state-of-the-art facility and have modernised our existing factory.
Our invoice discounting facility has enabled us to continue to focus on growth and expansion without worrying about our working capital. I would recommend it to any growing business.
Richard Blunden, Managing Director at Moduflex
Opening a second workshop – with the cash freed up by their invoice discounting facility – allowed Moduflex to significantly improve their production capacity.
The business was able to develop new and innovative product ranges thanks to the state of the art equipment in its new facility.