An electrical products supplier has secured a £250,000 funding from Secure Trust Bank Commercial Finance.
Electrical Distributors (Birmingham), which has doubled in size over the past 12 months, plans to repeat the feat next year after the funding deal was agreed.
Birmingham-based EDB distributes a wide range of electrical products to contractors and manufacturers across the UK.
The funding line provided by Secure Trust Bank will be used to aid cash flow and manage the rapid growth of EDB.
The business has set ambitious objectives for the next two years and recently added a new branch manager as part of the management team.
Managing director David Henry said: “While achieving growth is obviously important, ensuring that this remains sustainable can often be the real challenge. To date, our company has been entirely self-financed, but with the demand for our products soaring, we felt the time was right to look for additional financial support.”
Steve Goulden, regional sales director for the Midlands at Secure Trust Bank Commercial Finance, said: “EDB has demonstrated its strong performance since the arrival of David Henry, with turnover doubling last year. With a prolonged period of growth targeted, the business required a financial partner willing to offer a flexible package to accommodate any eventuality.
“The business now has an experienced management team, and is in the ideal position to take advantage of a buoyant marketplace. We look forward to building on our relationship with David and the team as they look to take the business to the next stage in its development.”