BIG loan deal for coatings maker
WARRINGTON-based industrial coatings specialist, BIG Group International, has expanded its UK operations taking on a 7,000sq ft warehouse adjacent to its existing premises on Eagle Park Drive.
The move has been supported by six-figure funding from The Royal Bank of Scotland and RBS Invoice Finance. It comes as a result of a large new contract win, which has seen the company become the sole authorised distributor of coating brands Dintrol and Dekalin in the UK and Ireland.
BIG is a manufacturer and distributor of specialist industrial coatings. It is a major supplier to the car manufacturing industry and also supplies products to car accessory retailers.
BIG has recently formed a global distribution agreement with JCB and is currently undertaking a major trial with Aston Martin for internal corrosion protection technology implementation.
RBS has provided the company with the loan to support the cost of renovating the new premises. Situated adjacent to its existing state of the art distribution hub, the warehouse has been refitted complete with the removal of internal walls to merge the two buildings into one. New barcode systems have also been put in place and new software technology has been setup creating an ultra-efficient, hi-tec facility.
In addition to the loan, RBS also provide the company with everyday banking facilities including the online foreign currency trading tool RBSMarketplace (RBSM).
BIG is also supported by a working capital facility provided by RBS Invoice Finance. This includes Credit Protection that offers support against the insolvency of customers. The working capital facility provides an advance on sales thereby providing capital that has enabled the company to maintain a smooth cash flow during this period of rapid growth.
BIG director Niels Andersen said: “In addition to the new contract wins, we have achieved strong organic growth with turnover rising by 31% in the last financial year alone. This growth, along with the further 25% we predict during the coming 12 months has fuelled the need for more space and we couldn’t be more pleased with the finished premises.
Relationship manager at RBS Chris Smith said: “BIG is a solid company and is run by an excellent management team. The recent contract wins have seen the company experience impressive levels of growth and I am pleased that we have been able to support them in the expansion into new premises. The warehouse is a fantastic facility and will enable them to run their larger operation effectively.”
Derek Johnson, relationship manager at RBS Invoice Finance said: “I am delighted that the working capital facility is supporting BIG and enabling it to continue to expand its operations. The team has built a very successful business and the new premises are fantastic.”
