Esselle Retail Limited (ERL), a home furnishings business, has received a £2.5m asset-based lending facility from Cynergy Business Finance to support its continued growth.
Based in Altrincham, Greater Manchester, ERL specialises in floor home furnishings, including door mats, rugs and decorative throws. Selling directly to consumers across the UK, ERL has already established a strong national presence, with its products retailing in UK high-street stores including The Range and B&M.
Having recently acquired Arthouse Limited, a wallpaper and wall art business, ERL required additional working capital to help support its strategic acquisition of Arthouse, as well as allowing it to continue working towards its longer-term growth ambitions.
Cynergy Business Finance worked closely with the businesses management team to provide a flexible invoice discounting facility in order to free up the additional working capital required to help support ERL. Given time-sensitivities surrounding the acquisition, a quick turnaround was required to ensure the business could continue its growth trajectory.
Luke Fitzsimmons, corporate sales director at Cynergy Business Finance, said: “Esselle is an exciting and ambitious SME that already has strong expertise in the home furnishings market. By supporting its purchase of Arthouse Limited, this will allow the group to continue to grow and provide continuity for the Arthouse brand.
“We were able to provide a bespoke facility on what was a time sensitive deal, ensuring we met all the team’s deadlines whilst providing a facility that will help them to continue growing.”