- Financing set to support growth of UK's leading consumer electronics group -
LONDON, UK -- February 16th, 2011: GE Capital, one of Europe's leading providers of asset based lending, today announced that it has provided Armour Group Plc, with an £18 million line of finance to support the company's future growth plans. GE Capital is expected to provide up to £81 million a year of working capital to the company, in volume terms, over the first year.
Armour Group Plc is the UK's leading consumer electronics group in the home & in-car communications and entertainment markets. Headquartered in Tunbridge Wells, Armour Group also has operating sites in Wigan, Bordon, Woking and Bishops Stortford.
George Dexter, Armour Group Plc's CEO in the UK: "Despite difficult market conditions we continue to focus on ambitious growth plans. We appreciate that the funding provided by GE Capital presents us with the opportunity to remain attractive to our customers and to maintain our competitive advantage. GE Capital's approach to this deal demonstrated their comprehensive understanding of our business and resulted in a package that will optimise our opportunities. This coupled with the deal teams' commitment and professionalism means that GE Capital is the right choice for Armour Group Plc.
Alan Austin, Regional Director at GE Capital said: "We always welcome the opportunity to work with strong businesses with growth aspirations and we are very pleased be working with this highly professional management team who are seeking to take advantage of exciting growth opportunities in what remains a challenging environment. We look forward to a long and successful partnership
BDO Stoy Hayward advised on the deal. BDO Partner, David Gilbert, led the team.
-ENDS-
Michael Goodbody
GE Capital EMEA
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+44-207-302-6269
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