Kitchen appliance wholesaler cooking up growth with £7.5m funding support

Independent Growth Finance (IGF) has provided Apeleson Appliances with a £7.5m Asset Based Lending (ABL) solution.

The flexible facility will be used to fuel growth following several key contracts wins and increased sales demand at the Castleford-based retailer.

The deal was facilitated by YB Financial Advisory Ltd – an independent debt advisory and credit brokerage.

Founded in 2012, Apelson Appliances is a wholesaler of kitchen appliances which includes the sale of cookers, hoods, microwaves and hobs.

After securing several key contracts, the company needed funding to accommodate a rise in stock and an anticipated increase in sales.

The funding will act as a buffer, allowing Apelson Appliances to buy more stock to meet future demand. The firm says its strategy for holding stock became a competitive advantage during the pandemic.

Corporate financial advisor at YB Financial Advisory Ltd, Paul Grace, said: “IGF have the appetite to help companies on their growth journey, and ensuring the process is easy and effective.

“They always take the time to understand short-term and long-term objectives and structure their lending proposal accordingly to align with a business’ goals.”

Finance director at Apelson Appliances, Mark Johnson, added: “IGF were flexible and reacted quickly and professionally towards any challenges which came up around the transactional process.”

“It’s the collaboration of our team, and our dynamic practice which enabled us to help service clients’ needs, even through the difficulties of the pandemic.

“This dynamism is why we’ve secured this new contract, and the funding from IGF will enable us to expand to meet increased demand.”

New business director at IGF, Richard Spielbichler, added: “We offer the flexibility which many banks can’t. We treat every client uniquely, and we’re able to cater to Apelson Appliances’ needs – delivering a mixture of facilities to facilitate both growth and restructure some existing debt.”