Bibby Financial Services (BFS) today announced a $2 million factoring facility delivered to a casual apparel company based in California. The company provides outdoor and surfing-themed t-shirts and other apparel to specialty retailers and to consumers via bespoke e-commerce sites. The funding will boost the company’s cash flow, enabling it to take on larger inventory orders and update the clothing line each season to meet changing consumer trends. The new account is funded and managed by BFS’s office in Westlake Village, California.
The apparel company partners with local artists to design clothing inspired by California’s outdoor lifestyle. In addition to back-office support and advance payment of invoices from the factoring facility, they will also benefit from BFS’s extensive experience in the apparel industry, for which BFS has been a significant source of funding for more than a decade in North America. Notably, BFS used its commercial financing expertise and knowledge of apparel businesses to structure a flexible financing package that simplified the funding process and reduced the amount of paperwork the client was required to submit.
“Factoring is a popular financing solution particularly well-suited for fashion and apparel companies, which must often deliver their products well in advance of getting paid and must continually refresh their clothing lines to stay relevant,” said Ian Watson, CEO of Bibby Financial Services in North America. “Working with our client to help them attain the financial flexibility needed to navigate such a dynamic industry is exciting. BFS continues to expand its presence in California’s apparel industry as we build on our legacy of creating working capital solutions for small and large companies alike.”
According to the client, quick and easy funding is just one of the reasons they chose Bibby Financial Services as a financing partner. The strategic guidance and knowledge of the apparel industry the team at BFS brings to the table are invaluable assets for clients seeking to grow their business and adapt to industry changes.
Apparel companies make up the largest portion of business for BFS in California. In 2016, BFS provided more than $99 million to over 50 apparel companies and has grown its client base in the apparel industry by 30% over the past 3 years. Roughly half of BFS’s apparel clients are serviced by the company’s California office.
About Bibby Financial Services
Bibby Financial Services is a leading independent financial services partner to more than 10,250 businesses worldwide providing more than $1.25 billion in funding annually and handling $11.6 billion in annual client turnover globally. With over 44 operations in 13 countries spanning Europe, North America and Asia, we provide asset-based lending and factoring solutions to help businesses grow in domestic and international markets. Established in 2001, Bibby Financial Services North America has seven offices in the U.S. and Canada that support businesses in virtually any industry. We hold memberships in the Commercial Finance Association, the International Factoring Association, and the American Finance Association. Bibby Financial Services is part of Bibby Line Group (BLG), a diverse and forward-looking family business with over 200 years’ experience of providing personal, responsive and flexible customer solutions. To find out more about Bibby USA and Bibby Canada, please visit www.bibbyusa.com or www.bibbycanada.ca.