Ultimate seals £15m refinancing deal
SPECIALIST retail supplier Ultimate Products, has secured a £15m refinancing package from HSBC to support its rapid international expansion plans.
The Oldham company, which sources and designs products in the Far East for many of the country’s biggest retailers, has recently set up an office in Australia as it looks to broaden its reach.
The business, which is part-owned by private equity firm LDC, has switched its banking facility from Barclays after four years.
The £60m turnover company recently announced a 40% growth in order books and acquired Intempo – the UK’s largest seller of iPod/MP3 products and accessories, DAB radios and wireless media.
Ultimate is planning to use the new package from HSBC to fund further expansion of its supply chain globally and closer to home in the UK, where it supplies the likes of Tesco, Argos, Amazon, John Lewis, TJ Hughes and set-up home shopping channels.
The company is also currently looking at a number of international acquisition prospects.
Simon Showman founder and chief executive said: “In these tough times for retailers and consumers, we are trading extremely well.
“Our success is down to a series of very deliberate tactical moves over the last four years to bolster our global supply chain and invest in key people with the ability to single out ‘footfall-driving’ products for retail buyers and supply them faster and more cost effectively than anyone else.”
Andrew Gossage, chief operating officer at Ultimate Products, added:“We have been extremely well supported by Barclays over the last four years – now, due to our international expansion plans, we will be working closely with HSBC to help unlock new opportunities and take advantage of the bank’s extensive global network.”
