Mobile phone firm targeting international growth following £10m funding award
A Crewe distributor of refurbished mobile phones is planning international expansion after receiving a £10m funding facility from Manchester-based Praetura Commercial Finance.
Phoenix Cellular refurbishes hundreds of thousands of handsets each year, which are then sold around the world rather than being disposed of in landfill sites.
It is estimated the company has refurbished more than one million phones so far.
The company was founded in 2016, by two entrepreneurs who had previously grown and sold two businesses together. Today it employs more than 85 staff and has operations in the UK, the Netherlands and Hong Kong.
Most of its sales are within the EU and UK, but the business is seeking to remodel its customer base following the pandemic and target more international markets, while creating a greater online presence for its refurbished handsets.
The company’s current institutional lender lacked the flexibility to provide a facility to fuel growth, so the business turned to Praetura Commercial Finance for funding that would help it reach its goals.
The new bespoke facility will help the company employ new staff and bolster its export plans.
Stuart Bates, commercial director at Praetura Commercial Finance, said: “Working with entrepreneurs like Marc and Paul is a real privilege for the Praetura team. We want to empower entrepreneurs through relationship-led lending that ensures the business’ needs are put first.
“Phoenix Cellular now has the flexibility in its finance facility to confidently pivot sales online and take advantage of its wide ranging opportunities for growth across Europe. We look forward to working with their team in the coming years.”
Marc Walters, founder of Phoenix Cellular, said: “Really delighted to have this new facility in place with Praetura. Stuart and his team were excellent throughout, both in understanding the business, the changes afoot and creating the right facility to support the business growth in the years ahead.”
Phoenix Cellular was recently awarded the Queen’s Award for Enterprise for its success in exporting.
Squire Patton Boggs provided legal advice to Praetura Commercial Finance.
