Industry: Drinks
Product: IDeal™ with GSLS term loan
Facility size: €2.2 million
The Client
This forward-thinking business specialises in the production and bottling of natural water and other drinks products.
Ahead of the introduction of the Irish deposit return system - a major legislative change for the industry - they updated their water bottle packaging, which formed part of a broader strategy to introduce sustainable practices and ensure compliance while remaining commercially competitive.
The Challenge
The COVID-19 pandemic proved particularly challenging for the company because with hospitality and other key sectors effectively shut down, their primary source of revenue was almost entirely removed.
Despite this setback, the business remained resilient and navigated through the turbulence, returning to profitability over time. But, to manage cashflow, the team used a combination of financial products, which did not come without complications.
When planning further expansion, they clearly understood how simplification and a consolidated approach would make them more efficient.
The Solution
Close Brothers Commercial Finance provided a €2.2 million invoice finance solution, using our market leading IDeal™ software. The system seamlessly integrates with the firm’s existing accounts system, unlocking cash tied up in unpaid invoices as soon as they are raised.
The Government-Supported Loan Scheme (GSLS) funding provided extra capital to support the company’s future endeavours. Eligible businesses can access long-term, low-cost funding through the GSLS for investments in growth, resilience, climate action, and environmental sustainability. The scheme is established and offered by the Strategic Banking Corporation of Ireland (SBCI) and benefits from a guarantee that has been provided by the European Investment Bank (EIB) Group, with support from the Department of Enterprise, Trade and Employment (DETE) and the Department of Agriculture, Food and the Marine (DAFM).
The Result
This new facility has allowed the business to remove complexity from their funding arrangements, with IDeal™ simplifying their financial administration.
The additional headroom from the GSLS loan has led to further product development, reducing their environmental impact and helping them stand out from competitors.
