Iconic lamp design firm, Anglepoise, is poised for global growth as a result of the bank's strategic advice and innovative, end-to-end funding package.
An international trade finance facility means Portsmouth-based Anglepoise can order goods as a virtual cash buyer in China, then pay down the import loan using an invoice discounting facility when its products are sold from its UK, US and China warehouses.
The funding arrangement has helped fourth generation family business Anglepoise to grow its turnover 230% from £1.5 million in 2011 to nearly £5 million in 2015, with realistic ambitions to generate revenue of £20 million by 2020.
The quintessentially British brand produces a series of iconic task lamps, for domestic and commercial markets. Established in 1855 as Herbert Terry & Sons Ltd, the firm manufactured springs and presswork for industry before automotive designer George Carwardine invented the Anglepoise lamp in 1932. His unique spring system created an articulated task lamp that combined flexibility with balance and went on to become world-famous, featuring on a Royal Mail stamp, alongside other iconic British designs including the London Underground map and Mini.
Simon Terry, Innovation and Brand Director, and fifth generation family member, has continued to build on the firm's tradition and reputation for innovation and design, driving further growth in the business.
Terry comments "Fierce competition in the 80's and 90's led to a significant under investment in the Anglepoise Brand and its products, leaving the company weak and vulnerable. By the time I joined in 2002, the Brand needed refocusing and reenergising. With the help of Sir Kenneth Grange we began developing beautiful products that were much sought after. By 2011 it was obvious that the business had huge room for growth, particularly internationally.
We had no end of opportunity, whether it be new product development or new sectors and markets to enter, but a very limited 'war chest' and a tiny, inexperienced, team.
Changing banks enabled us to take a fresh look at our business. Paul Marshall and the team there helped us not only meet our initial aims but significantly accelerate our plans.
Thanks to their unique funding and support we were able to recruit a new Management Team, invest in further product development and launch and expand geographically. The Bank continue to challenge us and play an active role in helping us continue to expand the Brand globally."
Paul Marshall, Head of Business and Private Banking Centre (Gatwick) at the Bank, commented: "I spent some time with the team at Anglepoise, getting to know the business, their product and their financial requirements, as well as carrying out some strategic work with Simon and the team on developing a long term growth strategy.
"We devised a trade finance and invoice discounting facility especially for Anglepoise, along with treasury FX to cover their foreign exchange exposure, and the package has proved instrumental in delivering ongoing growth. Turnover will continue to rise, as will headcount, which has already increased from less than 10 in 2012 to more than 30 today, in the UK, USA and worldwide."
Paul added: "Anglepoise is a great British business, with a great future- and the financial support from the Bank ensures it can make the most of all and any opportunities that arise."
Thanks to their unique funding and support we were able to recruit a new Management Team, invest in further product development and launch and expand geographically.Simon Terry, Innovation and Brand Director, Anglepoise