CLOTHING MAKER SECURES £1.5M FOR GROWTH
04 May 2023
A West Yorkshire clothing manufacturer founded during WWII has secured £1.5m funding to support its growth plans.
Cynergy Business Finance (CBF), the asset-based lending (ABL) arm of Cynergy Bank, has provided a £1.5m invoice discounting facility for family-run Wakefield Shirt Group (WSG).
Founded in 1940, when cotton was in short supply, the Wakefield Shirt Group gained a reputation for innovation through its adoption of synthetic and mixed fibre clothing.
Following a series of acquisitions, the group today comprises four companies: The Wakefield Shirt Company Ltd, Double two Ltd, Wm. Sugdens & Sons and Threadneedle Company Image Ltd.
Selling more than three million shirts per year, in more than 40 countries, and bolstered by strong workwear and casual wear businesses, the group saw compelling opportunities for growth and conducted an exhaustive search for the right finance partner.
Based on its research into WSG's businesses, the team at CBF was able to provide credit to WSG's international customers and establish flexible concentration limits. This enabled the creation of a tailored multi-currency facility for WSG which maximises the funds available and offera flexibility.
This approach has freed up working capital to accelerate progress on WSG's expansion plans.
John Donner, managing director of the Wakefield Shirt Group, said: "When we needed working capital to expand CBF were able to help. Their process was straightforward, with a flexible and friendly approach throughout.
"Running the facility has been notably easy in comparison to alternative providers. Effective communication between CBF and our team ensured that any minor difficulties were rapidly ironed out. We have certainly never felt we are just an account number with Cynergy Business Finance."
Dan Burton, executive director, Cynergy Business Finance, added: "WSG have a tremendous heritage, and the staff at all four businesses in the group are clearly passionate about the products that they produce.
More information and source here: Clothing maker secures £1.5m for growth | Yorkshire Deals News (insidermedia.com)