In 2002, Bruce Constantine and Chris McLean started ESPRO, a Canadian coffee innovation company. The company was founded with the goal of reinventing standard products, such as the French press, to better meet the needs of coffee and espresso enthusiasts around the world. The ESPRO Press became a huge hit as it solves for the most common complaints about traditional French presses, such as grittiness, the inability to keep coffee hot, and continuous extraction, which makes the coffee stronger. ESPRO needed additional funding in order to expand distribution. Most of the Canadian-based company’s retailers are located in the United States, leading to the challenges of longer payment times and a belabored process for the collection of invoice payments.
Bibby Financial Services provided ESPRO with a $400,000 invoice factoring facility, wherein ESPRO sold the financial services company all of its invoices. This allowed ESPRO not only to cast a wider net in distribution of its flagship product, the ESPRO Press, but also to focus its efforts on introducing a number of new products to the market.
ESPRO more than doubled in size, revenue, units and employee growth as a result of guidance and debt factoring from Bibby Financial Services. Today, ESPRO products are sold to specialty coffee and tea shops around the globe and to consumers online. Due to the growth and success, ESPRO was able to transition to a traditional bank loan.