Armour Home02 November 2017
Shawbrook creates high finance levels for hi-fi specialist with £5,750,000 facility for Armour home
Shawbrook has supported Armour Home with a £5,750,000 working capital and stock finance facility. The asset-based lending transaction structured by Shawbrook comprised a £3,000,000 Confidential Invoice Discounting line, a £2,500,000 Revolving Inventory Facility and a £250,000 Cash Flow Loan.
Armour Home provides premium products, solutions and services to the specialist hi-fi, home theatre and entertainment market in the UK and more than 60 countries around the world. The business has seen strong year-on-year growth and was seeking a higher quantum of funding to enable further expansion.
George Dexter, Managing Director at Armour Home, said:
“Shawbrook has been very impressive and the team has demonstrated a refreshing, can-do approach to business.”
He continued: “Shawbrook’s stock lending policy really stands out in the asset-based lending market. It is not linked to our debtor facilities, which is a significant advantage to us. Since our supply-chain is quite long and our stockholding is high, this is vital. Another distinctive aspect of our facility with Shawbrook is the additional cash flow loan they provided. It is extraordinary for a small cap company to be offered a loan of this kind and this has resulted in a level of funding that will allow us to achieve our plans for growth."
Tim Hawkins, Managing Director at Shawbrook Bank, added:
“We are delighted to support this very well-run, established and growing business. The team at Armour Home is extremely well versed in asset-based lending and provided us with all of the management information we needed to evaluate our facilities, enabling us to structure the quantum and flexibility of funding they need to meet their growth objectives with certainty."