Top marks for finance providers
ONE of the UK’s largest suppliers of school wear is looking smart after being given a £150,000 finance boost.
Sheffield-based employee owned school wear provider School Trends embroiders or prints school logos on up to 1.5m items of school wear each year for more than 5,000 schools nationwide.
UK Steel Enterprise and Finance Yorkshire have provided £150,000 of funding to the company, which faces annual cash-flow issues as orders for uniforms reduce between October and April because of fluctuating school uniform purchasing patterns.
Mark Newell, financial director of School Trends, which employs 130 people, said: “We have to buy much of our stock and pay our suppliers in advance of receiving the orders and cash from our customers.
“We try hard to mitigate the cash flow issue by offering schools discounts to order early but schools are reluctant to commit to sending orders until they know their intake for the new school year.
“That’s why it’s very important for us to be able to bridge the funding gap each year. UK Steel Enterprise and Finance Yorkshire have been there for us in the past and once again have stepped in to help, which is why we are so pleased with them.”
UK Steel Enterprise was established in 1975 by the then British Steel Corporation and today is a subsidiary of Tata Steel. It provides loan and equity finance of up to £750,000 to growing companies.
Finance Yorkshire is a £90m fund that also provides equity and loan finance.
Meanwhile, UK Steel Enterprise’s Kickstart Fund has provided £6,000 to specialist welder Blue Spark Design, of Scunthorpe.
The newly launched company provides specialist welding and fabrication services to companies throughout the UK.
The cash is being used to help create two new jobs and invest in equipment.
UK Steel Enterprise has also appointed Andy McKenna to help expand its business finance activities.
Mr McKenna worked for 26 years at Yorkshire Bank in Doncaster as a senior partner. He is presently regeneration director for Lazarus Properties.
