The Funky Appliance Company, the West Sussex-based business which produces small appliances with a retro twist, has received a “significant” funding package including Trade Finance, Invoice Finance and Foreign Exchange services to unlock the working capital required to deliver on its growing order book and boost cashflow.
The appliance firm was founded in June 2016 by husband and wife team Joe and Sadie Sillett and produces a range of Funky Irons, Funky Kettles and Funky Toasters. A Funky Microwave is due to launch in 2021.
Earlier this year the business secured a 3-year deal with Staffordshire-based RKW, appointing the firm exclusive distributor for the UK and Ireland. RKW is said to have “onboarded major retailers which will be stocking the company’s products as of January 2021.”
With its products primarily manufactured in China, the SDA company required a Trade Finance facility to fund the production of stock to meet the demands of the new contract. The package was delivered by Bibby Financial Services (BFS)
Joe Sillett, Co-Founder and CEO of The Funky Appliance Company, said: “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.”
Sillett added that the business has already taken advantage of BFS’s forward FX booking service.
Paul Fraser, UK Sales Director ‑ Specialist Finance at BFS, backed the appliance company’s products: “Having already bought and tried the Funky products, which I love, I can truly endorse this as a business with a great future.”