White goods specialist buys its factory in £11m deal

WIGAN-based white goods importer G2S has secured £11m funding to buy premises it has occupied since 2009.

The package, provided by Lloyds Bank Mid-Markets and Commercial Finance teams in Manchester, comprises term loans, trade finance facilities to support import activity and invoice discounting facilities.

The company has also switched its day to day banking to Lloyds.

G2S holds the exclusive license to produce and supply Russell Hobbs’ major domestic appliances, microwaves and vacuum cleaners. It provides a wide range of functions for the Russell Hobbs brand as part of the licensing agreement, from producing, marketing and advertising campaigns to a home delivery and aftersales service.

Managing director of G2S, based on Swan Lane, Hindley Green, Gavin Hamer, said: “With the professional approach Lloyds have had from our first meeting and the understanding they now have of our business we have confidently chosen them as our banking partner to support our strong growth plans.

“The purchase of the premises we are currently renting, demonstrates our commitment to our future business model.”

Ryan Sorby, relationship director at Lloyds Bank Commercial Banking, said: “G2S, with its portfolio of prestigious brands and first class management team is on a clear upward trajectory as shown by its impressive turnover growth in recent years.

“The team has a clear vision and plan in place to differentiate themselves in the sector through a quality product and service offering, and we look forward to working with them to develop this proposition within a dynamic market.”