Bombki is set to expand and win new contracts after securing a factoring facility

A bauble manufacturer is capitalising on the peak Christmas trading period and winning new contracts with the support of a factoring facility from Lloyds TSB Commercial Finance.

Bombki was established in 2001 by designer Michael Peterson and his wife Zaneta and has gone from strength to strength since inception, supplying clients including designer Sir Paul Smith, Buckingham Palace, Harrods and Liberty.

Its bauble designs range from traditional Christmas figures to classic cars and a new ‘Our World’ collection featuring figurines including doctors and teachers, which Michael spent the summer developing.

The company, which employs three full time members of staff, manufactures its decorations in Poland to its own precise specifications and designs.

In the run-up to Christmas, Bombki has won a number of high profile contracts, including British Telecoms and Virgin Atlantic and, in order to accelerate production of its baubles and service the increase in business, it found it needed a cash flow boost.

The firm’s banking partner Lloyds TSB Commercial, introduced Bombki to the specialist asset based finance provider, Lloyds TSB Commercial Finance, which provided a factoring facility to support its growth and to build up a strong inventory of products before the seasonal rush.

Following the investment and the growing number of high profile contract wins, the company is now on track to double turnover to £400,000 by 2011.

Michael Peterson, owner and managing director of Bombki, said: “Over the last year, our firm has expanded at a fast pace and we’re now producing close to 40,000 baubles a year.

“Our ‘Little London’ collection, which features a Big Ben and red post-box figurine remain our most popular baubles, but we have seen demand grow for more unusual decorations, like our professional character range.

“The factoring facility from Lloyds TSB Commercial Finance has enabled us to invest in production, as the spike in demand requires a boost, and we can now make the most of the opportunities we have been seeing over our peak trading period.

“The team has also been instrumental in helping devise our expansion strategy for 2011.”

Ben Leighton, regional manager, Lloyds TSB Commercial Finance, said: “Bombki is a unique business, which make baubles suitable for round the year use and Michael and Zaneta are passionate about the company, working painstakingly on each design from conception on paper and clay to the final glass and crystal product.

“Our factoring facility provides a strong cash flow boost which has allowed the business to fund its upfront costs and, as a result of the funding, Bombki is in a strong position to double turnover next year.”

November 2010