Dynamifix is set to expand into Europe, after securing a factoring facility

Start up firm Dynamifix is set to expand into Europe to capitalise on growing demand for its products, after securing a factoring facility from Lloyds TSB Commercial Finance.

Operating from the company’s headquarters in Castleford, West Yorkshire, the business supplies anchoring and fastening products for the wholesale construction industry and sells all over Europe.

The company is the main distributor in the north of England for Powers Fasteners, a leading worldwide supplier of high performance products to the construction industry.

Established less than six months ago, Dynamifix has enjoyed considerable growth since inception and in order to cope with increased demand, it approached Lloyds TSB Commercial Finance which provided the company with a factoring facility.

By releasing the value of a company’s invoices, factoring enables a business to grow in line with sales as well as take on new staff to meet demand.

As a result of funding, Dynamifix now has adequate working capital to service new contracts in the UK and Europe, as well as continuing its growth by employing more people.

The company has also invested in an e-commerce store which gives additional guidance on selecting the most appropriate product.

Tony Petyt, managing director of Dynamifix said: “Cash flow is a major concern for any new business but having the right financing in place has been key to our success. After just five months we found that as we extended our reach into Europe we needed additional funding to keep up with demand.

“Lloyds TSB Commercial Finance responded quickly and within a week we were able to use the new facility to provide much needed working capital.
 
“By boosting our cash flow we now have the financial headroom required to take advantage of new contracts in Europe and will continue to build the business.”

Peter Bould, regional manager for Lloyds TSB Commercial Finance in the North East, said: “For such a new company, Dynamifix has done remarkably well in its first five months of trading, which is testament to Tony and the team’s hard work and strategic vision.

“Cash is the lifeblood of any business and ABL has continued to cement its position as an increasingly viable option for entrepreneurs who are setting up a business or trying to grow an established one.

“I look forward to supporting Tony and his team as the company continues to expand.”

March 2010