Independent Growth Finance (IGF) has provided Apelson Appliances with a £7.5m Asset Based Lending (ABL) solution. The flexible facility will be used to fuel growth following several key contracts wins and increased sales demand.
The deal was facilitated by YB Financial Advisory Ltd – an independent debt advisory and credit brokerage, who saw IGF as the right fit to help fund Apelson Appliances’ growth. Founded in 2012, Apelson Appliances is a leading wholesaler of kitchen appliances which includes the sale of cookers, hoods, microwaves and hobs.
After securing several key contracts, Yorkshire-based Apelson Appliances needed funding for their growth to accommodate for the rise in stock and anticipated increase in sales associated with the deal.
The funding will act as a buffer, allowing Apelson Appliances to buy more stock to meet future demand. The firm’s strategy for holding stock became a competitive advantage during the pandemic. This is what attracted demand and the subsequent trade increase.
Finance director at Apelson Appliances, Mark Johnson, said: “IGF were flexible and reacted quickly and professionally towards any challenges which came up around the transactional process.
“It’s the collaboration of our team, and our dynamic practice which enabled us to help service clients’ needs, even through the difficulties of the pandemic. This dynamism is why we’ve secured this new contract, and the funding from IGF will enable us to expand to meet increased demand.”
New business director at IGF, Richard Spielbichler, said: “We’re excited to be by Apelson Appliances’ side as they enter their new phase of growth. We offer the flexibility which many banks can’t. We treat every client uniquely, and we’re able to cater to Apelson Appliances’ needs – deliver a mixture of facilities to facilitate both growth and restructure some existing debt.”
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