Aldermore Provides £ 900,000 Invoice Finance Facility | News from the North-West offers
An Ashton-under-Lyne-based company has gone through the difficult circumstances of the Covid-19 pandemic to receive a financial boost and to grow and develop.
Aldermore Bank provided an invoice finance facility of £ 900,000 to support the purchase of Bar Code Data Ltd in 2020. Then a CBILS facility was provided during the pandemic and the business grew and developed since.
Bar Code Data Ltd is a barcode solutions provider and its expertise includes barcode scanners, mobile terminals, label printers and labels and tapes.
The company was established in 1990 and was acquired by Mike Jackson in January 2020.
Aldermore provided an invoice finance facility as part of the financing to support the agreement, and a Coronavirus Business Interruption Loan Program (CBILS) facility supporting the company’s cash flow during the pandemic.
Chris Meldrum, National Director of Business Development at Aldermore, said: “We are delighted to be working with Mike and his team at Bar Code Data.
“The company has used invoice financing wisely because it has helped it buy the business and weather the pandemic knowing cash flow will not be an issue.
“The funding we have provided will continue to help Mike and his team manage the growth of the business. We look forward to continuing to support the business in the years to come.
Mike Jackson, Managing Director of Bar Code Data Ltd, added, “The funding from Aldermore has helped us grow, allowing us to hire additional staff and purchase new equipment. It also means that we are never late in paying our suppliers. relationship with Aldermore.
“The team always had a very good personal touch and were available to help and lead us, for example with the structuring of the deal. What sets Aldermore apart for me is the flexibility of the approach.
“We had an invoice finance facility with a large bank in sister company PMSS, but we’ve actually brought it to Aldermore now. Aldermore has really been a great partner for us. “
Cheshire-based Efinity Finance Ltd recommended Aldermore for funding.