Bibby Financial Services has provided a £500k invoice financing agreement with Reading-based aerospace manufacturer James White Engineering (JWE).
Founded in 1956, JWE is a Tier 1 supplier to the Aerospace industry, with customers such as Eurofighter Typhoon and Zodiac Aerospace.
BFS agreed a £500,000 invoice finance agreement, providing ongoing working capital, which allowed JWE to expand its product offering and, in turn, boost revenues.
Ian Tubbs, director, James White Engineering, said: “The products we sell are very specialist and are often made by hand. A lot goes into producing these and how much we had to outsource was holding the business back. We took the decision to bring a lot of our previously outsourced processes in house but needed funding in place to do so.
“We had tried to use other, more traditional, financers before finally being recommended to Bibby Financial Services. While most other financers would take months to put our funding into place, Bibby Financial Services came to a decision in a matter of days.
“We’re continually impressed with the service BFS provide to us. The team are extremely personable and always willing to help. This year, we hope to procure new equipment and the funding support we received from BFS will enable this to happen.”
Javairya Raja, corporate relationship manager at Bibby Financial Services said: “James White Engineering is a company that is at the cutting edge of its field. The company is committed to delivering high quality products in the most efficient way possible and continue to invest to improve output capabilities.
“The choice to diversify its business was an extremely astute one and it is fantastic that we have been able to provide the funding that has leveraged this.
“JWE is a fantastic example of an established business, leveraging the benefits of invoice financing to help it to secure its growth into the future.”