Aldermore has delivered a £5m funding facility to help support trade-focused technology distributor GNR Tech.
The specialist bank has agreed to provide the Telford-based company with a £4m invoice-discounting facility and a further £1m inventory facility to assist with its growth plans.
GNR Tech was launched in May 2017 and was part of an acquisition of various assets from the defunct distributor Entatech.
GNR Tech distributes technology hardware and software to the trade industry and has over 1,000 active resellers, MSPs (managed service providers) and retailers among its client base.
“This is a capital-intensive business and the optimum capital structure is critical,” said Dave Stevinson, managing director at GNR Tech.
“By partnering with Aldermore and maintaining the right blend of debt and equity, we are ideally poised to execute on our vision.”
Carl Finlayson, head of business development invoice finance at Aldermore (pictured above), added: “These funding deals are all about relationships and from day one we were able to build a strong rapport with the team at GNR Tech.
“The management team has excellent industry contacts and a credible and well-articulated business plan.
“We are proud that Aldermore is able to support an exciting company with an impressive vision for the future.”
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