UK invoice financier Absolute Invoice Finance
has provided a £300,000 (€357,000) working capital facility to
printing firm Pinstripe Print for acquiring Birmingham-based Edward
Fox.
This is the latest of a string of funding
facilities provided by the Aldermore-owned company in the past few
weeks (see August issue of Leasing Life for additional
details).
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The latest deal has transformed the combined
businesses into one of the largest independent printing groups in
the Midlands, Absolute said in a statement.
The group’s owners now plan to grow combined
turnover of the two businesses from £4.5 million to £5.5 million
over the next 12 months.
Pinstripe director Nigel Lyon said: “I have
used invoice finance for 20 years and firmly believe in the
benefits it can bring to organisations like ours.
“The feedback from customers and staff
throughout the acquisition has been very positive and the working
capital facility from Absolute will enable us to maintain a healthy
cash flow position during our anticipated growth.”
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By GlobalDataAntonio Fabrizio
