Independent SME funder, Bibby Financial Services (BFS), has provided a significant funding facility to The Funky Appliance Company, a young UK business based in Sussex producing stylish and unique electrical appliances.
The company, based in Billingshurst, designs, sources and distributes a range of small household appliances including Funky Irons, Funky Kettles and Funky Toasters. The company will launch a Funky Microwave in 2021.
Founded in June 2016 by husband and wife team, Joe and Sadie Sillett, the business secured a 3-year deal this year with Europe’s largest SDA and Housewares distributor, RKW Limited. As exclusive representatives of the company’s products in the UK and Ireland, RKW have onboarded major retailers which will be stocking the company’s products as of January 2021.
With its products primarily manufactured in China, the business required a Trade Finance facility to fund the production of stock to meet the demands of the new contract. BFS’s Specialist Finance team were able to swiftly structure a significant funding package, which includes Trade Finance, Invoice Finance and Foreign Exchange services, to unlock the working capital required to deliver on their growing order book and boost their cashflow.
Joe Sillett, co-founder and CEO, The Funky Appliance Company, commented: “The BFS team have been meticulous in their approach, the level of due diligence and professionalism shown by the team was exceptional. They really took the time to understand what we are trying to achieve as a business.
“Having funding at both ends of the supply chain is excellent news for us. The trade finance will fund the purchasing of new stock from our factories while invoice finance will improve our cashflow, meaning that we now have an outstanding chance of growing our business organically through our order book. With foreign exchange movement so volatile at the moment, it is also excellent to take advantage of BFS’s forward FX booking service, which we have done already.”
Sarah Williams, business development manager – trade finance, BFS, said: “As a young and exciting business, it’s vital the team at The Funky Appliance Company have access to the working capital they need to deliver on their major new partnership with a main distributor.
“We were delighted to be able to structure a finance package which provides them with the flexibility they need to meet the demands of their orders, while providing the opportunity to explore international expansion in the future. We’re excited to support Joe and the team as we follow their growth journey into 2021.”
Paul Fraser, UK sales director specialist finance, BFS, added: “Having already bought and tried the Funky products, which I love, I can truly endorse this as a business with a great future. We are fantastically pleased to be supporting this innovative and growing British business.”