£1.2M Invoice refinance helps UK freight specialist to soar
Industry News8th February 20180 CommentsLizzy Doherty
UK-based freight specialist are reaping the rewards of growth following a £1.2m invoice refinance.
Sedulo Funding Solutions have assisted Eagle Group in refinancing their invoice finance facility, providing the business with increased funding at a reduced cost.
The increase in funding will allow the group of companies with additional working capital to continue its huge growth in the storage and distribution sector.
Eagle, a Watford-based firm, was set up in 1967 – the vision of founder Keshav Sharma to provide independent traders with a fast and efficient clearing and delivery service. Although Eagle’s business has been transformed almost beyond recognition since those early days, Eagle is still a family business, with Sharma being joined by his sons to provide a shipping service tailored to the needs of 21st century business.
The finance package, sourced and negotiated by the team at Sedulo Funding Solutions and provided by Close Brothers Invoice Finance, consisted of a confidential invoice discounting facility with a top-up based on a charge on property. The funding secured provides the business with a long-term funding partner to allow for the continued growth within the business.
Leyton Jeffs, partner at Sedulo Group said:
“Eagle is a long established and well-known name in the freight sector and it is really pleasing to have been able to work closely with the excellent team there, as well as Close Brothers, to conclude a deal that works for both parties in the long term.”
Viv Sharma, director at Eagle Group said:
“We started working with Leyton 12 months ago and he has been our first port of call for any funding requirements.
“When our existing agreement was up for renewal, Leyton understood our business and the drivers for a new facility and worked with us to get the best deal for our business.
“With this now in place, we can look to continue to grow our business, taking it to the next level.”