Bromborough based, Maxtrac UK Limited “(Maxtrac)” has secured a £150,000 funding facility from Manchester based invoice finance specialists, Positive Cashflow Finance “(Positive)”.
The vehicle suspension specialist distribution firm has its head office in Holland and with other subsidiaries in Germany and South Africa have targeted significant growth over the next 12 months.
Maxtrac supply a number of motor factor/warehouse distributor businesses throughout the UK and Republic of Ireland and have a focus on providing high quality goods, swiftly and at a competitive price. They have a vast product range including items such as sport suspension systems, complete strut assemblies, coil springs and shock absorbers.
The funding that was agreed in April has already been used to invest in expanding the existing product range and adding to an ever growing workforce. Accountant, Lewis Cross of Booth Ainsworth LLP prepared the projections and advised on the proposed funding facility.
Julian Rose, director of Maxtrac said:
“We have established ourselves quickly in the UK market but have found that waiting for our customers to pay has resulted in a lack of cash available in the business, which has held us back in the past.
“Having an ongoing working capital facility that will grow in line with our sales gives us the confidence to expand the workforce and target significant growth.”
Phil Chesham, sales and marketing director at Positive said:
“Julian and the rest of the team have a brilliant brand and very exciting plans for the business over the next 12 months.
“We are delighted to be involved with Maxtrac and look forward to working with the management team and assisting them to achieve their plans.”