- Plum manufactures and sells children鈥檚 outdoor play equipment and reported strong performance in 2020听
- Business has moved its corporate banking relationship to Santander as it seeks to bolster its international ambitions听
- New relationship includes provision of a 拢4.2m tailored set of financing solutions brokered by specialists Goodman Corporate Finance听
Plum Products, an internationally renowned company and the UK鈥檚 premier supplier of children鈥檚 outdoor play equipment, has chosen Santander UK as its new corporate banking partner. 听The team at Santander UK worked with specialist broker Goodman Corporate Finance to establish a new set of funding solutions to better serve the company鈥檚 needs and ambitions for international expansion. 听
The Lincolnshire-based family business was founded more than 30 years ago. In what has been a challenging year for many parents who have had to navigate lockdown boredom, its range of outdoor play equipment has provided much needed homebased entertainment. Trampolines have proven to be particularly popular, with sales up 30 per cent year on year.听
With Santander UK鈥檚 support, Plum Products, which already has a strong global presence supplying to over 40 countries, will have the tools at hand to accelerate further growth internationally. 听As part of the set of banking facilities provided, new invoice financing and trade loan facilities will also allow the business greater flexibility within its working capital cycle.听
Paul Schaffer, Managing Director for Plum Products, commented: 鈥淭he open and genuine dialogue with the team at Santander has provided the basis for a strong, long term partnership. Their support will allow us to advance to the next step of our journey as an international business.鈥
Graham Watts, Invoice Finance Director for Santander UK, commented: 鈥淚t has been a pleasure to work with the experienced and ambitious management team at Plum Products. By fully understanding the working capital cycles within their supply chain and the scale of their international ambitions, we have been able to provide a suite of facilities and expertise to support the business as it continues to develop globally. We are particularly excited to be able to utilise our international capability to support Plum鈥檚 ambitious global growth plans.鈥
Ewan Clarke, of Goodman Corporate Finance, who brokered the deal, commented: 鈥淭hanks to our close working relationship with Plum Products we were able to give selected potential partners from our extensive panel of lenders a good grasp of the business, including its structure and trading position. We presented Santander with a structured deal that met the needs of both parties and I was delighted that we were able to deliver the right solution, despite the global pandemic which has led to little lending being available from other high street banks.鈥
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