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.”
Masthaven teams up with Intrinsic Financial Services
Masthaven has announced a new partnership with Intrinsic Financial Services as the bank looks to enable more brokers to access its range of residential mortgages.
Cambridge & Counties refinances Oxfordshire nursery
Cambridge & Counties has refinanced an Oxfordshire nursery, which is creating 50% more places for local children.
How important are brokers in the specialist banking market?
Brokers are an important channel for newly launched banks, a number of industry professionals have claimed.
BFC Bank enters UK market
BFC Bank has launched into the UK banking market offering financial services to UK SMEs.
Liam Fox launches GREAT Innovation in Action Awards
International trade secretary Liam Fox has launched the GREAT Innovation in Action Awards to find the best partnerships between UK and Asia-Pacific companies.
Teachers Building Society names new board of directors chair
Teachers Building Society has named Julie Nicholson as the new chair of its board of directors.
Church of England introduces contactless payments
The Church of England has introduced contactless, virtual terminal and SMS mobile payments to over 16,000 churches, cathedrals and religious sites across England.
FIBA workshops to feature live deal room
The Financial Intermediary & Broker Association (FIBA) has announced that its upcoming regional workshops will give brokers the chance to interact with partner lenders in a live deal room.
Metro Bank to enter Scottish mortgage market
Metro Bank has announced that from 5th April it will be expanding its mortgage business into Scotland.
Do challenger banks need to collaborate on Open Banking?
Collaboration between challenger banks on Open Banking could be a powerful message to consumers and the established players, according to an expert at a recent event.