Member Article

Ascot drinks wholesaler secures £9 million funding from Lloyds Bank

Ascot-based drinks wholesaler Interbev UK has secured a £9 million funding package from Lloyds Bank.

The business specialises in the sale and distribution of UK and global drink brands to a number of markets around the world - with more than 50 per cent of its revenue generated from its export customers.

After switching its banking facilities to Lloyds Bank Commercial Banking, the company was provided with a £500k trade finance facility and funding support from the bank’s Commercial Finance team to generate working capital.

The team provided the business with an £8.5 million asset based lending facility including a stock facility, which enables the company to borrow against the value of its products to generate cashflow.

Founded in 2008, the business, which has an annual turnover of £56million, employs 12 people at its Ascot Business Park headquarters, and outsources its logistics operations to Kuehne & Nagel.

Stephen Brogan, owner at Interbev UK, said: “The management team has a wealth of sales and marketing experience in the drinks industry and we’ve identified that with more access to working capital we can better service our customers with a greater range of products.

“The team at Lloyds Bank clearly understood the potential to grow the business and how we capitalise on a multi-channel sales approach. They provided the facilities that will play a significant role in accelerating our ambitions, both domestically and in international markets.”

James Ambrose, director of Business Development at Lloyds Bank Commercial Finance, said: “The asset based lending facility will bridge the payment gap that arises when working with a number of suppliers and distributers, allowing Interbev UK to concentrate on its day-to-day operations knowing that its working capital is being looked after.”

This was posted in Bdaily's Members' News section by Ellen Forster .