News Article

Factoring & Invoice Discounting

Plastics firm finds flexible funding

By CreditMan Thursday, April 26, 2012

Leeds-based plastics specialist, Barkston Group, has today secured a £1.3m invoice discounting facility through Invoice and Asset Based lender, ABN AMRO Commercial Finance.

The facility, incorporating Confidential Invoice Discounting and a £100k Enterprise Finance Guarantee loan, will enable the company to invest in growth through a recruitment drive and the purchase of new machinery.

One of the UK’s largest independent providers of plastic components, Barkston Group has been operating in Leeds since 1969. The company works primarily with the pharmaceutical industry, producing bespoke medical containers for manufacturers such as PALL, the global filtration specialist. Barkston also produces plastic items for the lithographic and chemical industries.

Tim Kiernan, Managing Director at Barkston, comments “We are a robust business with robust systems and as we continue to grow and develop with new projects, we’re looking to expand the business by employing specialist staff and equipment.

The company will also be using the facility to invest in its new online shop ‘The Plastic People’, where customers can purchase plastic components directly.

Fraser Irvine, Business Development Manager at ABN AMRO Commercial Finance, comments: “We were impressed with Barkston’s clear strategy for growth and worked closely with the team to tailor a funding option to help them achieve their goals.

Jenny Duxbury, Financial Director at Barkston managed the deal with Jonathan Simms of Clarion Solicitors, Leeds.

Tim Kiernan concludes, “The funding solution ABN AMRO provided gives us the flexibility and support we need. We look forwards to continue working more closely with both Clarion and ABN AMRO Commercial Finance in the future as they really understand our business and growth potential.”

Source company press release