Independent funder, Bibby Financial Services (BFS), has provided retail designer and manufacturer Kesslers London Ltd with a £3m Confidential Invoice Discounting (CID) package, to enable the business to move to an upgraded factory facility close to its historic East London location, while safeguarding 97 local jobs.
Stratford based Kesslers London Ltd, formerly Kesslers International, is one of the most established point-of-sales businesses in Europe, operating for 130 years. Under new leadership since January 2022, the company designs, creates and delivers displays for a wide range of retailers and brands worldwide, with high profile clients including Charlotte Tilbury, L’Oréal and Marks & Spencer.
Like many businesses working in the retail space, Kesslers was impacted by the COVID-19 pandemic as customers were not able to meet their obligations leading to many outstanding invoices not being paid. This led to the previous owners of the business withdrawing support and funding, impacting its cash flow position, and in need of a new source of funding to continue operating.
BFS’s deal team – led by Corporate Construction Manager, Matt Dunn – provided a £3 million CID funding line to Kesslers. Despite competition from other providers, BFS was chosen due to its speed, agility, and comprehensive understanding of Kesslers’ needs.
Beyond the new factory, Kesslers’ partnership with BFS will support its growth strategy which includes plans for hiring, international expansion, and to diversify its offering in the changing retail landscape.
Daniel Astarita, Managing Director at Kesslers London Ltd said: “I am extremely proud of our team here at Kesslers, and the dedication and ambition they have shown throughout a challenging few years. The business has now returned to a strong position, and our partnership with BFS has been a critical part of this. Safeguarding the jobs of our workforce by keeping our headquarters in the area that Kesslers was founded in the 1890s was of utmost importance to us, and the funding from BFS has made this possible.”
Matt Dunn, Corporate Construction Manager at BFS commented: “We’re delighted to have been able to provide Kesslers with a funding facility that matches its requirements, and to be its chosen partner in this next stage of its journey. This deal is testament to the BFS team’s speed and agility, and how embedded into each client’s business we truly become. I look forward to seeing the developments Kesslers makes in the coming months, and to support it every step of the way.”
Daniel Astarita, Managing Director at Kesslers London Ltd, concluded: “We are entering an exciting new era for the Kesslers business, and BFS’s buy-in to our ambitions made it the right lender for us. The BFS team is flexible to our needs and always on hand to help, and I am excited to see what we achieve with their support in 2023 and beyond.”