Silver Lining for HARMAN technology Ltd
International imaging specialist, HARMAN technology Ltd, has secured a £4.95m refinancing facility through independent Invoice and Asset Based Financier, Venture Structured Finance.
The facility, incorporating Receivables and Inventory Funding, will enable the Cheshire-based company to expand into medical applications and grow internationally.
The 132-year-old company plans to expand and diversify the business through the development of its expertise in silver, a key component in the photographic process.
HARMAN has developed methods to harness silver’s antimicrobial properties, for use in products such as plasters and sportswear as well as in medical diagnostics.
Howard Hopwood, Chairman at HARMAN technology Ltd, comments: “While our core business centres around photographic products, our expertise has developed over the last century into a robust proposition for other markets where silver has commercial applications.
“We wanted a specialist in Asset Based Lending and chose Venture because they took the time to understand our business and created a solution which allows us to leverage against our assets, enabling us to invest in our existing offer as well as expand into this exciting new product stream.”
The iconic company, which exports 85% of its products, is the largest dedicated manufacturer of black and white paper and film in the world and incorporates three well-known brands, ILFORD PHOTO, HARMAN PHOTO and Kentmere Photographic which produce a wide range of renowned photographic products.
Peadar O’Reilly, Regional Director at Venture Structured Finance, comments: “It was great to support a UK success story like HARMAN. The funding package we provided will ensure both the quantum and certainty required to open up new revenue opportunities by maximising available capital. As the UK economy recovers, we expect to see many more progressive refinancing deals as businesses refocus on growth.
“Easy access to flexible finance is a vital part of this, and will help build financial confidence for stronger growth as well as wider economic recovery”, he concludes.
About Venture Structured Finance
Venture Structured Finance (VSF) is a division of the award-winning Venture Finance group (established in 1989) and provides Asset Based Lending (ABL) facilities of £3m to £25m for businesses with a turnover of up to £150m. With a solid reputation and proven track record for delivery and service, Venture gives businesses a single source of funding for significant outlays, such as management buy-out or buy-in, refinancing, restructuring or turnaround. Core services combine Receivables Finance, Inventory Finance, Fixed Asset Term Loans and Cashflow Term Loans. Venture Finance is part of the ABN AMRO group and ultimately owned by the Dutch Government.
About ILFORD PHOTO/ HARMAN technology
It’s almost impossible to think of photography without thinking of the ILFORD range of black and white products. Formed in 1879 by Alfred Hugh Harman, one of photography’s first pioneers, the brand enjoys near iconic status and is loved and respected by photographers all over the world.
For more information on HARMAN technology and its brands, visit:
www.harmantechnology.com // www.harman-inkjet.com // www.ilfordphoto.com // www.kentmere.com
Read more at http://www.venture-finance.co.uk/home.aspx