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Toy company to expand with £1 million deal
A YORK toy distributor hopes to grow sales by more than 50 per cent after securing a £1 million factoring facility from Lloyds TSB Commercial Finance.
IMC Toys UK, based in Escrick, which supplies national retailers including Argos, Toys R Us, Asda and Toymaster, was established in 2004 and is wholly owned by Spanish parent IMC Toys SA.
The business, which employs eight people, needed to secure additional funding for cashflow and to fund its expansion strategy.
It has secured a £1 million of factoring finance, which enables it to borrow up to 90 per cent of the value of issued invoices, from Lloyds TSB Commercial Finance.
Terry Crew, managing director at IMC Toys UK, said: “As a business we share our parent company’s commitment to growth and high quality customer service, and continue to be amongst the UK’s fastest expanding toy suppliers despite challenging market conditions.
“Our stock investment patterns are naturally closely linked with retail spending on toys, so forward planning for peaks in consumer appetite – particularly Christmas – is essential in ensuring we meet demand and maximise sales. Ensuring robust cashflow is an important part of this."
Andrew Gaunt, relationship manager at Lloyds TSB Commercial Finance, said: “The toys segment of retail has held up relatively well compared to the wider market in the face of challenging consumer confidence."