A Sheffield-based company, which has enjoyed 200% year on year growth providing own brand embroidered golf bags and accessories, has turned to asset-based lender Davenham to help maintain its impressive growth.
YOB Golf is the market leader in the manufacture and supply of exclusive, high quality soft goods, which it can personalise with the golf club’s emblem, the relevant competition or even the winner’s name.
With a rapidly increasing order book and with 80% of the products being imported, the company needed to raise finance to purchase further stock and assist with cash flow.
Having been introduced through Business Link, Davenham quickly identified YOB Golf’s requirements and arranged a facility for both stock finance, which was drawn down against firm orders, and invoice finance. The stock finance was quickly repaid, as orders were fulfilled, with the invoice finance remaining in place.
Director at YOB Golf, Tom Armitage, was particularly impressed with Davenham’s response. “The whole process was very good from set up to completion,” he said. “In fact they made it painless.
“Davenham is particularly good at communicating with our customers when processing and chasing up invoices on our behalf. We know this is not the norm as we have heard a number of horror stories from companies using factoring who have not been kept up to date and, worse still, had their customers upset by the factor’s approach.
“We are impressed with the service and the facilities offered by Davenham. It has certainly played an integral part in our continued success and rapid growth.”