PLATINUM FUNDING UK LIMITED PROVIDES £13.5 MILLION IN FUNDING TO AN OUT-OF-ADMINISTRATION INTERIOR DESIGN COMPANY
January 20, 2009 – Platinum Funding UK Limited, a premier factoring company, announces the completion of a £13.5 million accounts receivable financing facility to Inside Right Limited a phoenix company recently out of administration. Platinum Funding UK Limited is an affiliate of the US-based Platinum Funding Group, which also provides invoice financing services to companies in various sectors across the United States.
Inside Right is a 19-year old interior design company based out of Newcastle. Approximately three quarters of its business is concentrated in carpet installations, particularly focused on the new homebuilding market. The sharp downturn experienced in 2008 within the property and construction markets in the UK significantly affected Inside Right’s operations, requiring the business to undertake a restructuring initiative and refinance with Platinum’s innovative approach.
Inside Right was previously funded by an independent factoring company that was hesitant to support the phoenix company due to the market risks currently experienced by the housing sector. Platinum was able to accommodate Inside Right’s major concentration with a large PLC developer and its creative funding approach was a perfect working capital solution for the recovering business.
Mike Pagett, Chairman and Finance Director of Inside Right, commented that “had it not been for Platinum’s unique operating model Inside Right would have been unable to find the necessary funding required despite the business being well placed to take advantage of any upturn in the market.” He added that although several UK and USA lenders had understood the strengths of his business, none could overcome their uncertainty in relation to the construction sector sufficiently to agree to advance funds.
“Platinum Funding leveraged Inside Right’s very strong audit trail to provide vital restructuring and growth financing to a firm disadvantaged by the current housing and credit markets,” remarked Eyal Levy, Chairman and CEO of Platinum Funding Group. “Platinum’s flexible operating model enabled us to approach the situation differently, and capitalise on an opportunity at a time when most asset-based lenders would only see risk.”
About Platinum Funding UK Limited
Platinum Funding UK Limited, a leading factoring company, provides clients with accounts receivable funding, bridge funding, and accounts receivable management. Established in 2008, the company has been assisting companies with annual sales revenue between £1 million and £75 million. Platinum possesses the financial resources to serve the needs of clients across more than 30 industries, issuing same day advances on accounts receivable to newstart companies, fast growing companies, and companies in or just emerging for Administration. Through its US affiliate, Platinum Funding UK Limited has expanded services to include purchases of international receivables.
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visit our web presence at http://www.platinumfundinggroup.co.uk/
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