This business is a new addition to a family-owned group of companies that was first established in 1971. It provides manufacturing, fabrication and wholesale services to the mining, resources, civil and engineering sectors.
The group set up a new blasting and painting business in December 2019 to acquire the assets of an existing company. This required establishing a new funding facility to provide the working capital required to grow the business.
The company approached Octet to discuss a solution that would meet their needs and fund their working capital outlay.
Octet approved both $700k Debtor Finance and $200k Trade Finance facilities for the client – basing this decision on the group’s experienced management and solid track record, including a history of increasing revenue and solid profits throughout the years.
The new working capital facilities provide the company the cash flow to establish its new business, and ultimately fund its future expansion. Given the extensive network of existing clients within the group, the new company is well-placed to distribute its services to an even wider customer base.
And with the aid of Octet’s funding, the client’s forecast is continuing along the path of sound profit and growth.