Secure Trust Bank right on cue with £750K funding facility
Manchester-based Secure Trust Bank Commercial Finance has agreed a £750,000 finance facility for BCE Distributors, the global supplier of Riley snooker tables and cues as it looks to expand its presence in the US market.
Established since 1976, the Bristol-based supplier has grown to serve an extensive client base including high profile brands such as Argos and Sports Direct.
Having achieved a turnover of £4m in its latest financial results, the business aims to increase revenues by a further £1m within the next two years.
BCE Distributors has seen strong levels of demand for its products from overseas, exporting to over 50 countries across Europe and Asia.
The firm will use the facility to free up vital cash flow in order to facilitate further expansion, particularly into the previous untapped US market. The company also plans to add another five staff members, taking headcount to 25.
Stuart Lacey, managing director at BCE Distributors, said: “Having done a thorough search of the lending market, we preferred the option of Secure Trust as they were more nimble and took a more flexible approach.
“The whole process of partnering with Secure Trust was seamless and went very smoothly from the outset. We look forward to growing our business and, thanks to Secure Trust, the envisaged strategy can now become reality.”
David Parsons, strategic development director at Secure Trust Bank Commercial Finance, said: “We are delighted to be working with BCE Distributors. The business has fantastic potential and we are pleased to be able to offer a flexible finance facility to meet its requirements.
“With this new line of funding, the business is in a strong position for growth, with considerable demand for its products from overseas. The export market presents great opportunities, and with the business looking to expand into the US, we look forward to continuing to support Stuart and the team in the coming months.”
