Covrad heats up growth with investment
Coventry-based Covrad Heat Transfer has received a multimillion pound invoice discounting facility from asset based lending specialist Leumi ABL. The undisclosed facility will “support the company’s continuing growth”.
Covrad specialises in the design, manufacture and sales of cooling systems, with the primary application being diesel engines.
Transferring from one of the major high street clearers, Covrad’s new financing facility from Leumi ABL has a high advance percentage based on the additional security offered by the company’s stock.
Managing director of Covrad, Kayvan Namazi, said: “We welcomed Leumi ABL’s commonsense approach in providing financing facilities. Of course, both parties have had to compromise to arrive at an agreement, and during the course of our discussions we experienced honesty, ease of communications, and a will to help.”
Chris Divers, Leumi ABL sales director-north, added: “Covrad has a management team that is both long established and hugely experienced, and the business is going from strength to strength despite the recession.”
