Cathedral Products lays foundations for growth

From: Venture Finance
Published: Wed Nov 03 2010


Midlands’s stationery firm, Cathedral Products (UK) Ltd is positioned for growth with the help of an Invoice Discounting facility.


Premier independent Invoice and Asset Based Lender, Venture Finance, has provided the Erdington-based firm with a new funding package including revolving Invoice and Stock facilities. This will free up working capital allowing Cathedral to invest in continued business growth and to pay its overseas suppliers 'up front', a vital requirement when dealing with the Far East.


Cathedral needed to access a different type of funding after its existing bank decided to limit lending to customers borrowing a minimum of £5 million. Cathedral had an exemplary reputation with the bank during five years as a customer.


Cathedral, which manufactures metal file boxes in the West Midlands, also imports many of its products from abroad, selling a range of high quality stationery products such as fire and security safes, cash boxes, laminators, shredders and notebooks to a variety of companies and high street stores.


Gordon Boden, part owner and accountant by trade, comments, "At Cathedral we import our stock from abroad and have to pay suppliers before delivery. Therefore, it was essential that we found the right replacement funding and Venture definitely ‘ticked all the boxes’. They showed an excellent understanding of our business and the help given has been very much appreciated."


Cathedral Products, established in 1997 is co-owned by Gordon Boden and his partner John Silver, who is responsible for sales and marketing. Mr Boden, who also set up Boden Leighton accountants (now Boden Piper Ltd) in Sutton Coldfield 33 years ago, also works as a consultant for Boden Piper, which provides Cathedral’s back office administration.


Boden adds, "As an accountant, I knew that the best way to ‘ride out’ the recovery was to secure sustainable and reliable finance. We chose an Invoice Discounting facility with Stock Loan which frees up cashflow so we can keep stock coming in, and also grows automatically in line with our business needs."


Simon Millington, Business Development Manager at Venture Finance, comments, "A Stock Loan is quite unusual for a company of this size but the deal was made easier thanks to Boden Piper’s meticulous reporting and high levels of professionalism."


He adds, "In import and export businesses it can often be difficult to access finance that meets the company’s needs. Invoice and Asset Based Lending can be the answer to help businesses meet the recovery with strength and look towards growth."

ends

Further Information

For more information, images or an interview with Gordon Boden, John Silver or Simon Millington please contact:

Lauren Greatorex or Clare Granville at Man Bites Dog

01273 716 820

venture@manbitesdog.biz


About Venture Finance
Venture Finance is an award-winning premier independent Invoice and Asset Based Lender, established in 1989. Venture was the first independent invoice financier to offer Asset Based Lending (ABL) in the UK in 1990 and was the first authorised independent invoice financier to provide both the Government’s Small Firms Loan Guarantee Scheme and the new and improved Enterprise Finance Guarantee scheme.

As part of the ABN AMRO group and ultimately owned by the Dutch Government, Venture Finance is a solid partner for businesses wishing to meet the recovery with strength. The company’s award-winning service has already helped thousands of businesses, from start-ups through to £150m organisations, providing reliable finance tailored to individual client needs. Venture Finance made over £3billion of payments to clients in 2009, providing consistent support, through 200+ staff in 11 regional offices.

Factoring and Invoice Discounting are core services for the business. They both release ongoing working capital back into client businesses, based on the value of outstanding invoices and other assets. Versatile funding services both are ideal for clients needing to manage cashflow, refinance or restructure, fund business opportunities, purchase new machinery, merge with or acquire a new business or expand operations. Both can be combined with Bad Debt Protection to shield against unpaid invoices.
Company: Venture Finance
Contact Name: Lauren Greatorex/ Clare Granville
Contact Email: venture@manbitesdog.biz
Contact Phone: 01273 716820

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