£1.95m ABL facility, comprising;
Invoice Discounting – £1.5m
Stock – £350k
Cashflow – £100k
Established in 1972, Pearl Automotive has grown to become a highly regarded supplier to the automotive aftermarket. With over 7000 lines available, Pearl is able to provide a nation-wide next day ‘Vehicle Off Road’ delivery service, ensuring that customer’s shelves are replenished very quickly.
Innovation lies at the heart of Pearl’s reputation. This has led to the development of aftermarket brands such as Wot-Nots, High Tech Parts and Pearl Consumables, all of which can be found on the shelves of customers throughout the UK.
The business wished to find alternative funders to help them achieve their future strategic plans. With a strong history going back many years with key members of the team, IGF were a natural port of call when the company wished to look at the refinancing needs to fuel these plans.
With its trademark flexibility and business insight, IGF offered a smooth refinance process, combined with superior rates than competitors that had also tendered. Pearl is progressing with its plans, which will greatly assist in the company’s strength and growth, at a time that has been difficult for other players in their market
Robin Etherington, Finance Director, Pearl Automotive, said;
“During any refinancing operation there are often obstacles, but the flexibility demonstrated by the whole IGF team made the process easy. IGF had a complete understanding of our business’ requirements and the facility will provide us with the ability to better service our growing customer base.”
Jeff Greenfield, ABL Director, IGF Group, said;
“The automotive sector has had some difficulties over the last few years, with insolvencies affecting a number of firms. We are proud that our combined facilities have meant that Pearl Automotive is able to continue growing and diversifying its business during an uncertain time.”