Cashflow for growth - shop fitting company Deane and Amos is set for an optimistic year
A Northampton-based shop fitting company is set for an optimistic year after securing a £1.5 million factoring facility from Lloyds TSB Commercial Finance.
Deane and Amos Group is a family-owned business, made up of four subsidiary companies which provide interior fit-out/refurbishment, aluminium systems, architectural metal work and electrical contracting.
The £28 million turnover company has re-fitted and refurbished some of the world’s finest brands such as Mulberry, Fraser Hart, Prada, Barclays, Costain, McDonalds, Wagamama, Strada, Burberry, Hugo Boss, World Duty Free, Morgan Sindall and AMEX amongst many others.
The business employs 120 people and has its own bespoke manufacturing facility based in Northampton.
Over the past year, the company, which was established 45 years ago, has had its busiest 12 months to date and found it required greater financial headroom to invest in growth.
Lloyds TSB Commercial Finance provided the business with a £1.5 million factoring facility to improve day-to-day cash flow. This form of funding leverages the value of issued invoices and is therefore intrinsically linked to sales, meaning that the amount that can potentially be advanced is uncapped.
As a result of factoring, Deane and Amos Group are now in a strong position to capitalise on demand next year and develop its partnership scheme to manufacture volume components overseas.
Jon White, Interim Chief Executive of Deane and Amos Group, said: “We have been able to offer the entire range of services needed to ensure high quality interior fit-out or refurbishment.
“Utilising each of our subsidiary companies in this process allows our clients to access a wide range of in-house skills.
“We also consult with our clients and plan well in advance to ensure that projects are cost effective and delivered to the highest standards.
“The economic backdrop has given us the chance to spend more time with our clients and in some cases rekindle old flames.
“Our view is that high quality fit-out or refurbishment gives competitive advantage: customers are more likely to spend money in a well presented environment.
“We have proved this recently at the Westfield Centre in Stratford and the Parkway at Newbury.
“The factoring facility from Lloyds TSB Commercial Finance has brought stability to our cash flow and we are now able to plan for the future, confident we have access to the liquidity required to support our strategy.”
Martyn Freshwater, regional director for Lloyds TSB Commercial Finance in the Midlands, said: “Factoring is increasingly being implemented by larger businesses which require a secure and flexible facility to support demand.
“This form of funding is highly adaptable and can be tailored to suit individual business needs – for example to fund single customer ledgers or high customer concentrations, and indeed funding contractual debt situations such as this - making it suitable for firms in any position of the supply chain like Deane and Amos.
“Despite the economic climate, Deane and Amos Group, through hard work and tenacity, is securing high-profile contract wins and its move to outsourcing certain fittings indicates the strength of its order book over the coming year.”