Seafood wholesaler

Updated: 9 February 2018
  • Location: Ireland
  • Sector: Wholesale export

Working capital funding to support new business start-up

Background

A new start-up business supplying  seafood wholesaler to overseas markets in Europe needed capital to grow their business. The principals have an abundance of industry experience with over 40 years working in the sector and with the opportunity to start up their own business, they have brought with them a robust distribution network and a strong customer base within Europe in countries such as Italy, Spain and France.

Solution

Bibby Financial Services have provided a €1.2m confidential export finance facility for a wholesale seafood business.

Commenting on the facility the Managing Director said, “The funding from Bibby Financial Services (BFS) has helped secure the future of the business.  From experience in the past, it is tough to raise the capital we needed to grow the business and realise the potential that we believe it has. However, both funding and expertise from BFS have relieved the cashflow pressure we faced and has allowed us to think about growth rather than survival.”

“The team at BFS were able to step in when we needed them, providing funding in just three weeks, allowing us to realise our ambition of a new start business and bring us one step closer to achieving our goals.”

Results

With funding in place the company owners can unlock the businesses growth potential with a reliable flexible cashflow solution critical for the success for their future.

We know that doing businesses with overseas customers and suppliers is a great way to grow your business but can seem overwhelming if you've never done it before. Here at Bibby Financial Services, we can offer a variety of services to help you take advantage of the international marketplace such as Export Finance to help you sell in overseas markets. We also offer Bad Debt Protection to help you safeguard your business against non-payment.