Banbury-based Bibby Financial Services Ltd has provided a £4 million invoice discounting facility to the Bothongo Group UK, which has interests in the rapidly growing hygiene sector.
The Bothongo Group has been active in the UK for ten years, represented by its InnuScience brand. It will continue expanding its presence in the UK with further acquisitions planned under the Healthguard Hygiene and InnuScience banners, with the credit facility granted by Bibby supporting both brands.
The Milton Keynes-based business specialises in hygiene products and it says it is one of the fastest growing companies in its sector in the UK.
The Bothongo Group is using the funding to respond to a surge in demand for its products. Bibby’s corporate team were able to increase the company’s initial £1.5 million funding line with their previous funder by £2.5 million to a £4 million facility and generate £1.4 million of this as working capital on day one of the transfer. The facility, structured by Ronnie Stokes and Dan Burton of Bibby’s Corporate team, will enable the Bothongo Group to meet the rapid growth of new orders for its products as a result of the global pandemic.
Nick Winstone, CEO, Healthguard Hygiene Ltd, said: “The global pandemic has made cleaning products like ours critical to business success. We are thankful that with our partnership with Bibby Financial Services means we can deliver these much-needed products to help protect against the threats presented by the pandemic.”
Ronnie Stokes, Corporate Manager, Bibby Financial Services, added: “Hygiene and health are top priorities for businesses, so we are very pleased to be able to support the Bothongo Group UK as they grow to meet demand under the Healthguard Hygiene banner.”