European lessor BNP Paribas Commercial Finance has backed a £3m (3.8m) invoice discounting deal with UK firm Keswick Enterprises Group.
The £3m deal will give Keswick, a UK-based private equity company that owns and manages businesses specialising in logistics and supply chain-related services, a greater funding platform for UK operations growth according to a statement from the firm.
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John Harvey CBE, co-founder and chairman of Keswick, said; "We are delighted that we have found an invoice finance provider which has embraced the challenges of funding a freight forwarding operation, at the same time as offering us a larger discounting facility than we had before, with greater draw-down capabilities. This will support the growth strategy of our UK business now and into the future."
Keswick said its revenues were £50m in 2013 and that it had roughly 1,000 people working in the UK and Eastern Europe. The company was looking for refinance as its previous invoice finance provider, identity unreleased, was withdrawing from the UK market.
Peter Jones, director of sles & marketing UK at BNP Paribas Commercial Finance, said; "BNP Paribas Commercial Finance are delighted to be the invoice finance partner of choice for The Keswick Enterprises Group. We look forward to providing their working capital funding, supporting their business growth moving forward and continuing to develop our strategic working partnership."
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