Bibby helps secure future of two UK manufacturers
Bibby Financial Services (BFS), the UK’s largest independent SME funder, has provided £5 million of invoice financing to help the turnaround of two UK manufacturers. Komfort Partitioning Ltd based in Birmingham and Cubicle Washroom Systems Ltd from New Milton (Hampshire), now benefit from ongoing funding of £4.25 million and £750,000 respectively, following their rescue from administration by Valtegra in December 2015.
Both businesses were formerly part of Laidlaw Interiors and faced administration in December, threatening 607 jobs. They were subsequently bought by investment company Valtegra, which specialises in investing in businesses that are experiencing operational challenges.
BFS has provided crucial funding that allowed the businesses to survive and move out of administration. The funding also allowed employees to be paid over the Christmas period while their operations were closed.
Following BFS’ funding, both businesses moved into cash positive territory within six days. Cubical Washroom Systems has also reported a 20% growth in year-on-year sales in January while Komfort Partitioning is projecting 40% growth in its 2016 sales. To match this growth target, 50 new jobs at Komfort will be created in the coming months.
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