Aldermore, the specialist finance lender, has provided a £900,000 invoice finance facility to an Ashton-Under-Lyne based company. The loan was agreed in 2020 to support the purchase of Bar Code Data Ltd, a provider of barcode solutions such as scanners and mobile terminals.
During the pandemic, Aldermore then provided a CBILS (Coronavirus Business Interruption Loan Scheme) facility to assist the business’ cash flow. This enabled the company to continue expanding and innovating, creating an app so customers could print their own labels. Turnover rose by 26% in 2020 and staff numbers grew from 20 to 26, with the addition of 3 apprentices. The business was also supported by Aldermore in their recent purchase of PMSS, Bar Code Data’s smaller sister operation.
Chris Meldrum, national business development director at Aldermore, said: “We’re delighted to be working with Mike and his team at Bar Code Data.
“The business has used invoice finance to good effect, as it’s helped them to buy the business and get through the pandemic with the knowledge that cash flow isn’t going to be a problem.
“The finance we have provided will continue to help Mike and his team to manage the business’ growth. We look forward to continuing to support the business over the years to come.”
Mike Jackson, managing director at Bar Code Data Ltd, added: “Aldermore’s financing has helped us grow, enabling us to take on additional staff and buy new equipment. It also means we’re never late paying our suppliers. We have a great working relationship with Aldermore.
“The team has always had a really good personal touch and have been on hand to help and direct us, for example with the structuring of the deal. What differentiates Aldermore for me, is the flexibility of the approach.
“We had an invoice finance facility with a high street bank at the sister business PMSS but we’ve actually brought it all over to Aldermore now. Aldermore have genuinely been a great partner for us.
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