Electrical products firm targets 100% turnover increase following funding deal
ELECTRICAL Distributors (Birmingham) has secured £250,000 of funding from Solihull’s Secure Trust Bank Commercial Finance.
The national supplier of electrical products, led by new managing director David Henry, has doubled in size in the last 12 months and is looking to double its turnover again in the coming year.
EDB distributes a wide range of electrical products to a diverse customer base across the UK, ranging from contractors to manufacturers.
The group has a distribution facility in Derbyshire, and offers next day deliveries to its members across the UK.
The funding line provided by Secure Trust Bank will be used to aid cash flow and manage growth. The business has set ambitious objectives for the next two years and recently added a new branch manager as part of its management team.
Henry said: “While achieving growth is obviously important, ensuring that this remains sustainable can often be the real challenge. To date, our company has been entirely self-financed, but with the demand for our products soaring, we felt the time was right to look for additional financial support.
“Secure Trust Bank is a good match for a growing business, as the personal service and flexibility offered enables you to plan for the future in the knowledge that the support system will always be available.”
Steve Goulden, regional sales director for the Midlands at Secure Trust Bank Commercial Finance, said: “EDB has demonstrated its strong performance since the arrival of David Henry, with turnover doubling last year. With a prolonged period of growth targeted, the business required a financial partner willing to offer a flexible package to accommodate any eventuality.
“The business now has an experienced management team, and is in the ideal position to take advantage of a buoyant marketplace. We look forward to building on our relationship with David and the team as they look to take the business to the next stage in its development.”
