A large printing business based in Bradford has been purchased by business-to-business service provider, Cogent B2B with funding from the UK’s leading independent invoice finance provider, Bibby Financial Services (BFS).
St Ives Direct Bradford (SIDB) offers direct mail, digital printing and general communications printing services to businesses in the UK.
The purchase by Cogent B2B was made possible by a £4.5 million invoice finance funding line from BFS, which was put together in less than five days.
Cogent B2B provides business critical support to SMEs across the UK and Europe.
Kevin Dunstall, director at Cogent B2B, said:
“SIDB is well-established with a great customer base and we’re delighted it will form part of our growing business based in Yorkshire.
“It was important that we were able to move quickly to secure the sale and working with BFS allowed us to do this.
“Structuring a deal such as this in less than a week is unheard of and this highlights the strength of Bibby Financial Services’ offering.”
BFS has offices in Bradford and Leeds and is currently providing upwards of £44 million in funding to Yorkshire based businesses.
The £4.5million funding facility for the purchase of SIDB was agreed on September 27 and has been made available immediately.
Dave Golding, corporate director at BFS, said:
“We’re pleased that we were able to work with a Cogent B2B to develop a financial solution within the required timings.
“We are now providing on-going advice in relation to restructuring SIDB and supporting its new owners.”
BFS corporate manager, Ben Smith, headed-up the deal and reflects that it demonstrates the specialist funder’s commitment to helping businesses through its speed and agility.
Ben Smith said:
“It was vital that we were able to structure the deal quickly and our Corporate team worked tirelessly to ensure this was the case.
“We were able to package a solution within five days, which is a great achievement.”
BFS provides upwards of £370m of funding to over 4,000 businesses in the UK. The invoice finance specialist has 16 regional offices throughout the UK, in addition to global operations spanning 16 countries.