Magnetic safety lock business secures funding for growth

An international supplier of magnetic safety locks based in Hull has secured £90,000 in funding to expand into new markets.

GOH Trading markets the ‘whatlock’ brand of magnetic safety locks for cupboards, doors and cabinets, with customers in the UK and internationally, and has recently launched a new design of the product.

Bibby Financial Services (BFS) provided the funding which is a combination of trade finance, invoice finance and an foreign exchange facility.

As a family run business, GOH Trading is led by managing director Suzanne Hall and director Richard Antrum.

Hall said: “As an international business with an ambitious growth strategy we needed a funding partner that could provide a solution to scale with our business. BFS took the time to understand the international nature of our business and provide the funding package that suited our needs.

“Since relaunching our new design, we’ve had great feedback from customers and we’re very confident in our future growth prospects. It is our intention to capitalise on our success and grow the business in new markets with our innovative magnetic safety locks. The funding will play a crucial part in the growth of the business.”

Wayne Spratt, business development manager, Bibby Financial Services, said: “We developed a funding facility to support GOH Trading’s core business, provide scalability and protection from currency volatility when paying international suppliers. It is very common for international trade to be hampered whilst cashflow issues arise. Trade Finance allows GOH Trading to bridge this cashflow gap between paying their suppliers and receiving payment from their customers.

“As the business increasingly looks to expand into other international markets, it was incredibly important for the business to limit their exposure to currency fluctuations, and that was why we integrated foreign exchange into the facility. Now that the firm has funding in place, we look forward to seeing its ambitious growth potential realised.”

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