Carpet firm on a roll with new funding
AN East Manchester flooring company has boosted its capacity to grow with an increased funding facility.
Wholesale carpet distributor DM Miller, based on George Leigh Street, Ancoats, has tripled its invoice discounting facilty to £150,000 with anew relationship with Secure Trust Bank Commercial Finance.
The company, one of the largest independent wholesale carpet distributors in the North West, has achieved steady growth over the last few years, with sales hitting £3m turnover in the year to January 2014. It is expecting further growth this year to £3.5m.
Lee Olsberg, director at DM Miller, said: “The team at Secure Trust Bank have been fantastic. In the space of a week they offered us an invoice finance facility that was triple the value that our existing bank could offer. The funding will provide us with the flexibility and cash flow required to be one of the largest carpet distributors in the North West.”
Matthew White, regional sales director at Secure Trust Bank Commercial Finance, added: “We are pleased to be helping ambitious businesses like D.M. Miller that face difficulties in accessing finance from traditional lenders. The company has established itself as a leading distributor of carpet to the building and property trade and we look forward to working with the business as it is set for continued growth.”
Secure Trust Bank launched its Commercial Finance arm in September this year to help SMEs struggling for working capital achieve their growth objectives.
