Aldermore gives Europanel a financial fit-out
Europanel (UK), the UK’s leading manufacturer of melamine faced chipboard and MDF for shop fitting and other purposes, has been able to give its finances a new look with help from British bank Aldermore.
Established in 1984, Europanel is a leading supplier to the shop fitting industry, offering a product range which includes 90 stock colours and finishes. The company applies specialist finishes to raw board which it then cuts to shape on behalf of its customers. The firm’s client list reads like a Who’s Who of the retail industry and includes leading brands such as Marks & Spencer, British Home Stores, Shell, BP, Premier Inns, John Lewis, Debenhams, BetFred and many others.
In 2005 Paul Rooney, Managing Director, acquired 75% of the shares in the business with Nick Lawton, Sales Director retaining the remaining 25%. Turnover increased steadily and the company recognised that it was in a strong position to capitalise on new business opportunities presented by major retailers implementing store refurbishment programmes.
Paul Rooney explains the challenges facing the business: “The shop fitting industry is extremely competitive and we needed to ensure our finances were in good order, so that we could win and deliver against a number of lucrative new contract opportunities. I therefore decided to undertake a comprehensive review of our financial arrangements.
“Cashflow is critically important and an effective way to strengthen our cashflow position is by the use of invoice discounting. We had been using the services of a major high street bank in the past, but I was recommended to talk to Aldermore and I was impressed by what I saw and heard about them.
“I decided to switch our invoice discounting facility to Aldermore Invoice Finance in March 2011 and they had an immediate, positive impact on our business. Within a couple of days of being introduced to Aldermore, we were ‘up and running’ and ever since then Aldermore’s staff have been very helpful, flexible and supportive.
“With Aldermore’s help, Europanel’s turnover has increased by more than 20% in the first 5 months of 2012, improving our profitability and most importantly strengthening our cashflow position.
“I am particularly impressed by Aldermore’s staff, who always have their fingers on the pulse and effectively act as extra members of our credit control department. I would not hesitate to recommend Aldermore to any company looking for invoice discounting facilities.”
Emma Muir, Client Manager at Aldermore, concluded: “It’s been very rewarding helping a progressive British business such as Europanel fulfill its potential. Even during a difficult recession, firms across the country have been able to grow and prosper and Aldermore is delighted to have played its part in supporting Europanel.”