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Publié le 21/05/2013 par

Axminster Deal Proves That Alternative Methods Of Financing Are Alive & Well

Axminster Deal Proves That Alternative Methods Of Financing Are Alive & Well

Since rescuing one of the UK’s oldest manufacturers from the jaws of liquidation, it has transpired that the consortium who bought Axminster Carpets were aided in their takeover by non-traditional methods of credit such as invoice discounting.

Axminster, a staunchly traditional company whose origins date back nearly 300 years, are the supplier of choice for many major transportation giants including British Airways and Cathay Pacific and were responsible for furnishing the home of the Prince of Wales, Clarence House.

However, they have suffered as a result of falling exports, rising commodity prices and the financial crisis as a whole. On a positive note though, it is their large customer base and therefore abundance of outstanding invoices that meant the purchasing consortium was able to look to alternative lines of credit such as invoice finance.

The deal has been given the full backing of Duff & Phelps, the US Company responsible for handling Axminster’s period in administration and first on the consortium’s list of objectives is to reconnect an aging brand with the innovation that made it a household name in times gone by. In doing so, they hope to woo younger homeowners.

Whilst Axminster owed over £10m to the banks in 2010, the consortium’s act of raising money for the takeover deal through invoice finance means that outstanding debts have either been cleared or refinanced outside of traditional financing methods that would perhaps not have been approved for the deal.

This example of alternative business financing is the latest in a long line of agreements of this nature since the onset of the financial crisis in 2007. Denied by high street banks cash-strapped businesses, particularly those with the aforementioned abundance of outstanding invoices or a large amount of property or stock, looking to grow their way out of trouble turned to alternative forms of commercial financing.

A cursory web search using the term ‘invoice finance deals’ returns at least 20 agreements since the start of the month of April, some for multi-million pound sums, across a variety of industries including IT services, recruitment and publishing. Despite coming in for a fair deal of criticism, it proves that the industry and its major players, including the likes of ABN AMRO Commercial Finance, are alive and well.

A Propos de l'auteur

Alexandre BRANCHE
Directeur associé chez Carrevolutis

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