Woodvale Studios Ltd, a new business based in Brighouse in West Yorkshire that designs, manufactures and distributes own label gift wrapping products, has agreed a £1.45m invoice discounting facility from Aldermore, the specialist lender and savings bank which has recently celebrated its seventh anniversary.
The business, which currently employs circa 20 people, is planning to use the new funding to support working capital needs to support future growth.
Woodvale Studios offers bespoke designed gift wrap and accessories for its customers and operates in a number of countries around the world. It currently works with some of the biggest retailers on the UK high street and is looking to grow its customer base.
Guy Pettigrew, finance director at Woodvale Studios, said: “Due to the seasonal nature of the retail market, we required funding to buy the materials and supplies necessary for us to serve our clients. Aldermore was able to quickly provide the capital we needed to support production and not affect stock availability.
“We also needed the flexibility to draw down from the facility for when we need to grow our manufacturing operations in the future. Our new agreement will enable us to continue to operate and fund this growth.
“Longer payment terms are common in the sector so this was a key requirement for us, and the facility from Aldermore will mean that we can focus our efforts on growing the business as effectively as possible.”
Stefan Radymski, head of business development for Invoice Finance at Aldermore, said: “Woodvale Studios has already gained a number of high profile clients and is in a good position to grow into a successful company.
“The organisation has a robust business plan and its management team is made up of experienced individuals with strong backgrounds in finance and merchandise. The organisation has an exciting road ahead of it, so we’re really pleased to have been able to support their growth aspirations.”