Factoring facility aides Insignia Bathroom Solutions with international expansion

Due to sustained growth in both companies, Geoffrey decided to utilise a cashflow solution to capitalise on organic expansion opportunities.

Lloyds TSB Commercial Finance provided Insignia Bathroom Solutions Ltd and Outasight VB Ltd with a £150,000 factoring facility per company to free up cash, previously tied up in issued invoices. The bank advances funds as soon as a bill is issued, growing in-line with a company’s sales.

As a result of the funding boost, both companies are set for expansion, with Outasight VB Ltd using the facility to extend its customer base overseas, focusing on Germany and Scandinavia as its first export phase. Outasight VB Ltd’s turnover is expected to reach £2 million by the end of 2012.

Insignia Bathroom Solutions Ltd distributing Pool Spa by Roca have already utilised the factoring facility benefits to purchase their first exhibition vehicle, which will make the firm’s products much more accessible to retailers up and down the country.

Caroline Olsen, Sales & Marketing Manager, said: “Both our shower screen and luxury bathing and showering solutions are aimed at the high-end bathroom market, and as a result of the recovering economy, there is a growing demand for new products within the premium sector.”

“Outasight is a unique solution, the Rolls Royce of elite shower screens and one of the few companies to still produce complete product within the UK whilst also sourcing 90% of the components from UK manufacturing companies.”

“The demand for these unique and highly versatile screens has been high and as a result of the funding, we are in a strong position to steam roll forward and grow at an accelerated rate, with plans to supply 400 UK based and an unprecedented number of international retailers by next year.”

“We were honoured to be approached by Pool Spa by Roca to be their first UK franchisee and we hope to continue to diversify and expand our line to include supporting products providing a wider solution to luxury bathing.”

Peter Bould, regional manager at Lloyds TSB Commercial Finance, said: “Caroline has a strong background in bathroom solutions and as the economy recovers, people are more willing to invest in luxury, high-end products as home improvement is increasingly being undertaken to improve homes, rather than moving.”

“For relatively new businesses, Insignia Bathroom Solutions and Outasight VB Ltd is growing at a fast pace and I worked closely with Caroline to ensure cashflow was boosted to cope with the market demand in both enterprises, whilst also allowing scope and freedom to implement their respective, long-term expansion strategies.”