Complete Office Solutions is set to grow after securing an EFG loan and ABL facility

A Wakefield-based office supplier is on track to take turnover to £10 million after securing one of the first Enterprise Finance Guarantee (EFG) loans provided by asset based finance specialist Lloyds TSB Commercial Finance.

Established in 1995 and employing 70 people, Complete Office Solutions supplies stationery, office interiors, computer hardware, printing and corporate gifts to over 1,000 businesses across the UK.

As the economy begins to stabilise, the firm has decided to implement a new growth strategy, which requires increased working capital and may include the possibility of acquisitions in the future.

The business approached Lloyds TSB Commercial Finance, which provided Complete Office Solutions with a £150,000 EFG loan, one of the first supplied by the funder alongside a £1.75 million asset based finance facility to help free up cash flow for expansion.

EFG, set up by government department Business Innovation and Skills and extended to Lloyds TSB Commercial Finance last month, is designed to ensure a greater number of SMEs can access the finance they need to expand.

Since the launch of the EFG scheme in January 2009 and as of 14th July 2010, Lloyds Banking Group has offered 3,200 loans, 30 per cent of all EFG loans offered through participating lenders.

Complete Office Solutions’ EFG loan is complemented by an asset based finance facility, put in place by Lloyds TSB Commercial Finance which releases the value of the firm’s sales ledger, to fund new growth opportunities.

The business is now in a position to reach its £10 million turnover by the end of the year.

Richard Coulson, joint managing director of Complete Office Solutions, said: “Since inception 15 years ago, we have worked hard to make an impact in the office supplies and stationery market, which is valued at over £6 billion annually.

“We have built up a loyal base of business customers which helped us weather the recession and after securing the new funding package, we are now in a position to expand further organically and through strategic acquisitions if the right opportunities present themselves in the future.”

Bob Richards, Business Development Director at Lloyds TSB Commercial Finance, said: “As we enter a period of economic recovery, many firms like Complete Office Solutions will be looking to grow and the EFG and asset based finance facilities are both perfect solutions to free up cash flow and support expansion.

“The business has maintained a consistent level of sales during a recession and we were very pleased to be able to offer one of our first EFG loans to an ambitious firm in a growing sector.

“EFG is a valuable addition to Lloyds TSB Commercial Finance’s portfolio of facilities, as it enables eligible clients and prospects which have fully utilised their available security, to generate the additional expansion capital required to meet their short and medium-term needs.”

September 2010