Bed and chair manufacturer Furmanac has arranged a £1.8m loan with ThinCats to reduce its costs by refinancing existing loans, and increase working capital to assist growth.
The funding will enable the company to advance its plans to develop and release new products, maintain service levels and pursue export opportunities.
MD John Hilliard says: “Our family is incredibly proud of what we have achieved at Furmanac thus far. We had accumulated a number of tactical loans over recent years and needed an overall funding strategy that was simpler and would reduce our finance costs. Once we had spoken to Chris and ThinCats’ regional credit team based in Birmingham, I was delighted with the solution that they created. Thanks to the ThinCats funding we are well-placed to capitalise on our strong position in a growing market.”
Chris Webb, director of regional business development at alternative lender ThinCats, adds: “Furmanac is typical of many businesses that could benefit from simplifying their existing range of loans accumulated over the years. The transaction is a good example of how having regionally based origination and credit teams can bring tangible benefits to our borrowers."