Invoice discounting facility supports Intimates Lingerie’s plans for growth

A Kent distribution firm which sources and supplies lingerie products to some of the UK’s biggest retailers is set to generate £4 million turnover next year after securing an asset based finance facility from Lloyds TSB Commercial Finance.

Intimates Lingerie, based in Benenden, was established in 1997 by husband and wife team Andrew and Sarah Charlesworth, who had over ten years’ experience working for a leading hosiery company. Intimates provides lingerie to stores such as Harrods, John Lewis and Debenhams, and is sole distributor for Spanx control products in the UK.

The firm, which sources its products from across America and Europe, employs 24 people, having added six new employees to its workforce in the last three months. There are plans in place to take on another couple of employees in its warehouse in the first quarter of 2011.

The company transferred its business banking to Lloyds TSB Commercial, which provided working capital facilities, two and a half years ago. The bank also recommended Andrew and Sarah to its asset based finance division, Lloyds TSB Commercial Finance, which now provides the company with a six-figure invoice discounting facility.

The facility advances the cash tied up in the company’s sales ledger, enabling it to bridge the gap between purchasing new stock and receiving payment from its customers.

The firm is now on track to generate around £3.5 million turnover for 2010, and aims to increase this to £4 million in 2011.

Andrew Charlesworth said: “After a number of years working in the hosiery and lingerie industry, Sarah and I decided we had the experience to go it alone and form our own company.

“We have worked hard to build our client base and we now supply a number of leading retailers with high quality products from across the world.

“The working capital facilities provided by Lloyds TSB Commercial have been invaluable to us, as was the introduction to the invoice discounting facilities provided by Lloyds TSB Commercial Finance. This is an ideal solution for the company, as it allows us to purchase new stock without having to wait for our invoices to mature.”

Stephen Taylor, regional manager for Lloyds TSB Commercial Finance, said: “Since its launch 13 years ago, Intimates Lingerie has become a real business success story, which speaks volumes for the experience and planning of Andrew and Sarah.

“The firm has aligned itself with some fantastic lingerie brands and retailers, with the Spanx products doing particularly well for the company this year.

“To help the firm quickly capitalise on the new opportunities available to them, our invoice discounting facility ensures that the company has access to working capital even during times of waiting between raising an invoice and receiving payment.”

Chris Wardle, relationship manager for Lloyds TSB Commercial, said: “It’s great to see a bespoke funding product working so well for Andrew and Sarah, and Intimates Lingerie has continued to go from strength to strength in recent years.

“The close relationship the couple has with the bank meant that it was easy to identify a solution to introduce more working capital into the business via Commercial Finance”.

January 2011