EDINBURGH-based R&G International Trading, which supplies clothes for Asda’s George range, expects to double turnover to £30 million in the next three years thanks to a £5m finance facility with Bibby Financial Services.
Established in 2001, the business imports clothing from Hong Kong for big-name UK retailers. It had a turnover of £18m for the 18-month period from January 2013.
The deal was secured on the back of a strategic business review undertaken with accountancy and advisory firm Grant Thornton. Based on trade, stock and invoice discounting, the bespoke finance package is the largest deal completed in Scotland by Bibby to date.
Managing director and co-founder Carole Tong said: “Bibby was able to give us the flexibility to pay our suppliers more quickly, reduce our costs and therefore be more competitive. The trade finance facility means we have the support to manage the seasonality of the business.
“With this additional funding in place and our new working relationship with Bibby we can really concentrate on expanding our product range and enhancing the design and quality of the product.”
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