Cathedral lays growth foundations with funding
Stationery firm Cathedral Products has received a funding package from asset based lender Venture Finance. The Erdington-based company secured the invoice discounting facility after its existing bank decided to limit lending to customers borrowing a minimum of £5m.
Cathedral Products said it is now “positioned for growth” with the undisclosed finance package.
The lending facility includes revolving invoice and stock facilities. This aims to free up working capital and allow Cathedral to grow the business and to pay its overseas suppliers up front.
Cathedral, which manufactures metal file boxes, also imports many of its products from abroad. It sells a range of stationery products such as fire and security safes, cash boxes, laminators, shredders and notebooks to a variety of companies and high street stores.
Gordon Boden, part owner of Cathedral Stationery, said:“At Cathedral we import our stock from abroad and have to pay suppliers before delivery. Therefore, it was essential that we found the right replacement funding and Venture definitely ‘ticked all the boxes’."
Cathedral Products, established in 1997 is co-owned by Gordon Boden and his partner John Silver, who is responsible for sales and marketing.
