Bibby Financial Services said today it provided a $3 million factoring facility for a California company that imports hats and related accessories from overseas. The company is a family-owned business that began selling its products at swap meets nearly 20 years ago. Today, with $12 million in annual sales, it has a show room on Fifth Avenue in New York, and its hats and accessories have an extensive following.
"Cruise hats, fedoras, hat wraps, scarves, women's hats, men's hats, caps, belts, and watches – this company is known for an innovative look that is both edgy and classic and it is growing rapidly," Bibby Financial Services Regional Managing Director Nick Hart said.
"As our client's previous asset based lender experienced its own financial meltdown, it sought a new financing source that had stability, credibility, flexibility, and could be a strong partner in its growth," Hart added. "Our 202-year-old history appealed to our client, as did the advantages of factoring which require no special covenants and has the flexibility to help when a company hits a bump in the road. Despite the size of the financing – $3 million – our underwriting team turned the deal in a week, preparing our client for robust activity in the spring."
Bibby Financial Services is one of the leading global factors, specializing in fast and flexible cash flow solutions for small and medium-sized companies. With offices in 10 North American cities and 11 countries around the world, its product portfolio includes factoring, export finance, purchase order finance, and specialist solutions for the government, staffing and transportation sectors. In 2009, Bibby Financial Services was a stepping-stone to financial health for more than 8,000 customers, funding $7+ billion in receivables worldwide.
Bibby Financial Services is a division of The Bibby Line Group, a dynamic business-to-business services firm based in the U.K. Family-run and independent since 1807, the Bibby Line Group has succeeded in the toughest of markets, from shipping to distribution to financial services.
For more information on Bibby Financial Services, visit: www.bibbyusa.com, or on Facebook at: www.facebook.com/bibbyfinancialservices.northamerica.
For expert advice on small business, please visit CEO Stewart Chesters' blog at: http://www.bibbyusa.com/ceoblog
Contacts:
Bibby Financial Services
Lisabeth Weiner
(312) 485-6211
LisWeiner@lisweiner.com
