Ascot-based drinks wholesaler Interbev UK has secured a £9m funding package from Lloyds Bank to support its planned expansion.
The business specialises in the sale and distribution of UK and global drink brands both in the UK and around the world – with more than 50% of its revenue generated from its export customers. Clients include distributors, retailers, hoteliers and pub chains.
To allow it to cater to growing customer demand, the business has switched banking facilities to Lloyds Bank Commercial Banking, which has provided it with a £500,000 trade finance facility and an £8.5m asset-based lending facility, including a stock facility, enabling Interbev to borrow against the value of its products to generate cashflow.
Founded in 2008, the business has an annual turnover of £56m and employs 12 people at its Ascot Business Park headquarters.
Stephen Brogan, owner at Interbev UK, said: “The management team has a wealth of sales and marketing experience in the drinks industry and we’ve identified that with more access to working capital we can better service our customers with a greater range of products.
“The team at Lloyds Bank clearly understood the potential to grow the business and how we capitalise on a multi-channel sales approach. They provided the facilities that will play a significant role in accelerating our ambitions, both domestically and in international markets.”
James Ambrose, director of business development at Lloyds Bank Commercial Finance, said: “The asset based lending facility will bridge the payment gap that arises when working with a number of suppliers and distributers, allowing Interbev UK to concentrate on its day-to-day operations knowing that its working capital is being looked after.”
Peter Jackson, relationship director at Lloyds Bank Commercial Banking, added: “There is significant demand for constant supply of premium drinks brands across the world, and the challenge for any business trading overseas is funding a much longer working capital cycle. Lloyds Bank’s trade finance facility assists Interbev UK to bridge the gap between shipment and final payment, helping it to compete on the global stage and fuel growth.”