A well-known employer in Lincolnshire has secured a £4 million invoice financing facility to power the firm’s growth.
Building and plumbing supplies specialists Turnbull and Company has agreed the financing with HSBC.
The deal will help drive the company’s expansion plans and job creation.
The 121-year-old company operates six sites across Lincolnshire with outlets in Boston, Brigg, Sleaford and Spalding and serves 4,000 customers.
It currently employs 150 staff and hopes to increase that by 10 per cent over the next two years.
The new finance facility, in which HSBC effectively buys the company’s unpaid invoices, will help Turnbull and Company manage its working capital as well as funding its growth.
The business has enjoyed growth of 20 per cent over the last two years.
Gary Hopkins, managing director of Turnbull and Company, said: “We’re delighted to have secured such a flexible finance solution from HSBC to assist with our working capital requirements.
“We pride ourselves on offering excellent customer service, not only for our clients, but our valued suppliers.
“The funding supports our cash flow which means we are able to focus on the growth of the business.”
Roger Pratt, HSBC’s area director for corporate banking in the East Midlands, said: “This innovative deal provides Turnbull with structured funding to support its growth and expansion plans.
“We are committed to helping British businesses like Turnbull that are passionate about the industry they are in, and I am pleased we have been able to offer them the support they need to realise their growth ambitions.”
Turnbull and Company provides a range of building and plumbing products for trade professionals and the public.