- Lingerie firm secures string of contracts with high street retailers
- Invoice discounting facility supported growth
Pendulum Apparel designs, manufactures and supplies lingerie, swimwear, nightwear and shapewear. It was established in 2013 by former Ultimo owner Michael Mone and supplies a number of high street retailers including Boux Avenue, Next and New Look.
The RBS invoice finance team is providing Pendulum Apparel with an invoice discounting facility. This supports their day-to-day cash flow, giving them access to vital working capital to bridge the gap between payment terms.
Michael Mone, Chief Executive of Pendulum Apparel:
"One challenge we face is the need to fund the gap between paying our suppliers and receiving payment from our customers. The invoice discounting facility has helped us to bridge this brilliantly. It has given us access to working capital so that we can pay our manufacturers on time without the need to wait for payment to be received. A very simple yet highly effective solution.
"We have big aspirations for the company and the facility has provided us with an excellent platform from which to do this."
Paul Bradley, Commercial Development Manager (invoice finance team):
"I'm pleased we're able to help Pendulum Apparel achieve its growth ambitions. Michael has a proven reputation in the industry and, along with his experienced management team, has already begun to develop an impressive company. We are looking forward to working alongside them as they continue to expand."
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