GE Capital, one of Europe's leading providers of asset based lending, today announced that it has provided B.& B. Attachments Limited with a £2m funding package to support the company's future growth plans. The facilities, comprising invoice discounting and credit protection, are expected to provide up to £7.2 million per year in working capital to the company in volume terms, over the first year.
B.& B. Attachments Limited is the UK's sole distributor for three of Europe's leading brands of materials handling equipment. The company also supplies specialist attachments and offers a comprehensive aftercare service to the forklift truck attachments industry.
Peter Boyd, Chairman of B.& B. Attachments Limited, said: "As has been the case across the industry, we have experienced a tough 18 months, and are now in a position to focus on growth. GE Capital was able to present a funding package that is tailored to our future needs, as well as helping us to continue trading through challenging times."
Andrew Saunders, Regional Director at GE Capital said: "The materials sector has been one of the hardest hit over the past year and a half, but we recognised that B.& B. Attachments, which has been fully supported by its German supplier during the downturn, was seeking some additional financial support during a difficult trading period. Together with Euler Hermes Credit Cover, we were able to provide the company with the cover that they required, and in doing so have provided B&B with the flexibility and confidence that comes with a long-term strategic funding partner."
The initial contact with GE Capital came following a recommendation from Rob Holmes, Director of Corporate Finance at RSM Tenon.
Angela Goulding
GE Capital
[email protected]
0870-458-8421
Michael Goodbody
GE Capital EMEA
[email protected]
+44-207-302-6269
+44-7899-808-239