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York toy firm’s £1m fund fillip
9:56am Wednesday 12th December 2012 in Business news
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 among the UK’s fastest expanding toy suppliers despite challenging market conditions.”