Consumer electronic company secures finance to fund major export order
CONSUMER electronic company Damson has secured a $1m invoice finance facility from Secure Trust Bank Commercial Finance.
Founded in 2011, York-based Damson designs and manufactures portable speakers and accessories. The invoice finance facility will be used to help fund over £1m worth of wireless Jet speakers being exported to an electronic wholesaler in the US.
Damson’s speakers work by using incisor diffusion technology and being placed on hard surfaces, such as glass or metal, to amplify sound frequencies. The firm’s products are sold by retailers including Dixons Travel and Tesco, and also reach consumers in the US, Australia and Europe.
Damson recorded a seven-figure turnover in the year to March 2014 – up 400% on the previous year.
The coming months will see Damson continue to explore options to expand the business, which is on track to double headcount in the next year.
Secure Trust Bank, the Midlands-based AIM-listed challenger bank owned by Arbuthnot Banking Group, launched its Commercial Finance arm in Manchester in September to help SMEs struggling for working capital achieve their growth targets.
The deal was structured by Secure Trust Bank Commercial Finance’s Northern team, headed up by regional director Sean Powell, alongside regional sales director David Green, and relationship manager Mark Nightingale.
Sean Powell, regional director at Secure Trust Bank Commercial Finance, added: “Damson has developed a fantastic range of products that use innovative technologies to improve the quality of sound for its consumers. We are pleased to be working with the management team as the business looks to accelerate product sales across the UK and international markets.”
Secure Trust Bank Commercial Finance operates nationwide, with sales teams in Birmingham, Leeds, Manchester, Liverpool, Newcastle, Bristol, London and the South Coast.
