Gordon Brothers Europe and Centric Commercial Finance have provided an all-asset finance solution to Ashbury Chocolates Ltd. The joint senior facility of £7.9m against accounts receivables, inventory, and machinery & equipment will allow Ashbury Chocolates to refinance its existing loans as well as inject additional liquidity into the business.
Gordon Brothers Europe’s expertise in less conventional ABL assets such as inventory, machinery & equipment, and property, coupled with Centric’s commercial approach to receivables finance, allowed the lenders to jointly provide a complete solution to the client, and put the company on a more sound financial footing.
David Zulman, Chairman and CEO at Ashbury commented, “I’m very happy to be working with both Gordon Brothers Europe and Centric. Both senior lenders were very responsive from the onset, and worked closely throughout to deliver a flexible and timely solution.”
Eli Appelbaum, Managing Director, International Investments said, “We are delighted to be working with Centric and Ashbury on this transaction. Gordon Brothers is a complimentary partner to the asset-based lending community and their clients, especially in situations where the asset mix is out of the ordinary or there is a need for additional liquidity. We look forward to working with our ABL partners and their clients as we continue to target these types of transactions.”
Tim Hawkins, Managing Director, Centric Commercial Finance commented, "We have known David Zulman and Ashbury Chocolates for many years and are very pleased to renew our relationship, funding the next stage of Ashbury’s growth, in partnership with Gordon Brothers Europe."
About Centric Commercial Finance
Centric Commercial Finance (www.centriccf.com) is an independent Financial Services Group, focused on delivering event-driven Invoice Discounting and Asset Based Lending facilities between £500k and £15m.
About Ashbury Chocolates
Ashbury Chocolates Ltd (www.ashbury.co.uk), of Willowbrook Industrial Estate, Corby, is a leading chocolate and toffee manufacturer who supplies all the major UK retailers and the larger global market.