Amicus Commercial Finance, the specialist lender of flexible working capital to small and medium-sized businesses, has provided a confidential invoice discounting facility to The Taunton Cider Company Ltd. The financing is set to help the century-old cider company make a triumphant return to the shelves.
Confidential invoice discounting is invoice financing that can be organised confidentially, enabling a business to receive capital against sales invoices before payment is received.
The Taunton Cider Company can trace its roots back to 1911, when a local churchman began making cider from local apples at the Heathfield Rectory. In 1911, the Rev Cornish joined forces with the Co-Operative to incorporate The Taunton Cider Company, set up to produce its now sought-after cider commercially.
The company was most recently recognised as the manufacturer behind Dry Blackthorn. At the time of its sale in 1995, it was the second largest cider manufacturer in the UK. Its new owners decided to concentrate on the Dry Blackthorn brand, re-igniting it under the new ownership of an impressive team of fast-moving consumer goods and retail specialists.
Amicus is offering an alternative by providing a revolving working capital facility based on a proprietary invoice discounting platform, which utilises the latest technology. The firm’s proposition has proved to be very attractive to a broad range of businesses with a turnover between £1m and £20m.
Its ‘Intelligent Cashflow’ solution is user friendly, making it straightforward for firms to access working capital. It integrates seamlessly with a business’s accounting system, reconciling sales in real time, updating availability of funds and providing quick and easy access to additional cashflow.
Simon Carter, commercial director at Amicus, said: “The Taunton Cider Company is steeped in history and we’re delighted to be a part of its revival.
“We’re seeing an increasing number of well-established firms turning to alternative sources of financing like invoice discounting. As working capital and cashflow are by their very nature dynamic, most traditional mainstream systems have failed to keep pace over the last few years.
“At Amicus Commercial Finance we have taken a fresh, tech-driven approach that builds on some of the lessons learned in the fast growing alternative finance sector. Our goal has been to combine deep sector experience with a high-touch personal service and cutting edge technology to make the process as straightforward and efficient as possible for SMEs.”
Amanda Baker, business manager at The Taunton Cider Company Ltd, said: “Using confidential invoice discounting is a key component of our financing because it allows us to take orders of increasing size, secure in the knowledge that we have the cash right now to fulfil customer requirements. This is absolutely vital for a business in the start-up phase, like ourselves, especially when serving the needs of large retailers.
“Amicus Commercial Finance impressed us because of their ability to see our vision for the company. They looked beyond our current position and shared the passion of the management team to bring an iconic brand back to life. The facility is working very well. The Amicus Commercial Finance team is always there for us. Above all, we feel protected — a luxury for any business enjoying early stage high growth.”