Office supplier set for £10m turnover following EFG loan
OFFICE supplier Complete Office Solutions is on track to take turnover to £10m after securing an Enterprise Finance Guarantee (EFG) loan.
The Wakefield-based company, which supplies stationery, office interiors, computer hardware, printing and corporate gifts to businesses nationwide, approached Lloyds TSB Commercial Finance, which granted a £150,000 EFG loan alongside a £1.75m asset based finance facility to help free up cash flow for expansion.
EFG, set up by government department Business Innovation and Skills and extended to Lloyds TSB Commercial Finance last month, is designed to ensure a greater number of SMEs can access the finance they need to expand.
Complete Office Solutions’ EFG loan is complemented by an asset based finance facility, put in place by Lloyds TSB Commercial Finance which releases the value of the firm’s sales ledger to fund new growth opportunities.
The business is now in a position to reach its £10m turnover target by the end of the year.
Richard Coulson, joint managing director of Complete Office Solutions, said: “Since inception 15 years ago, we have worked hard to make an impact in the office supplies and stationery market, which is valued at over £6bn annually.
“We have built up a loyal base of business customers which helped us weather the recession and after securing the new funding package, we are now in a position to expand further organically and through strategic acquisitions if the right opportunities present themselves in the future.”
Bob Richards, business development director at Lloyds TSB Commercial Finance, said: “As we enter a period of economic recovery, many firms like Complete Office Solutions will be looking to grow and the EFG and asset based finance facilities are both perfect solutions to free up cash flow and support expansion.
“The business has maintained a consistent level of sales during a recession and we were very pleased to be able to offer one of our first EFG loans to an ambitious firm in a growing sector.”
