Lancashire Manufacturer protected from turbulent times as Venture Finance provides Factoring package

Venture Finance has provided Lancashire-based textile manufacturer Wm Lawrence with a Factoring facility following a management buy-out in July 2009. The deal gives the business a boost to cashflow as it comes out of administration and secures the company's future and jobs in the area.

Wm Lawrence is a manufacturer of woven and finished fabrics for apparel, home furnishing and industrial applications. Established over 150 years ago, the business was purchased by the Heaton family in 1928 and was run successfully until the family sold the company to JH Birtwistle in 2008. When JH Birtwistle went into administration in April 2009 due to a decrease in turnover as a result of the recession and increasing costs, Managing Director Peter Heaton, conscious of his family ties and history with the business, took the decision to purchase the business and bring it out of administration.

Needing to ensure the business would be protected from future financial difficulties, he enlisted the support of Venture Finance through a recommendation by BTG McInnis. Venture's specialist Factoring division Venture Factors wasted no time in assessing Wm Lawrence's business and future needs to assemble a Factoring facility.

Peter Heaton, Managing Director, WM Lawrence comments: "As one of the only textile manufacturers left in Lancashire, we are extremely proud of our heritage. Despite having entered into administration, we were determined to find a solution to save the business and retain as many of our staff as possible.

"The Factoring facility Venture has speedily provided us with eases our financial pressures enormously. Venture was very quick to understand our requirements - and the nuances of our sector. They've offered exceptional service and have an intimate knowledge of our needs. We now look forward to rebuilding the business and hopefully many more years of trading."

Cyril Ryder, Regional Manager, Venture Finance comments: "There are not many manufacturing business's of this nature left in Lancashire. WM Lawrence has operated so effectively since it first opened over a century ago and we're pleased to be able to provide a solution that will help them get back on track."

For further information on Venture Finance please visit www.venture-finance.co.uk.
Ends

Note to Editors:
About Venture Finance - www.venture-finance.co.uk
Venture Finance is a premier independent Invoice and Asset Based financier, providing creative funding solutions for businesses from start-up to a turnover of £150 million.

Venture handles over £3.5 billions in client invoices per year. Core services are Factoring and Invoice Discounting, which use the value of outstanding invoices and other assets to release ongoing working capital back into a business.

Venture also has one of the widest range of services in the independent sector, so is able to help companies looking to manage cashflow, fund business opportunities, purchase new machinery, merge with or acquire a new business or expand their operations.

Venture was the first invoice financier to offer an Online Factoring service, called Venture Factors Direct. This combines the benefits of a traditional invoice finance facility with the UK's fastest approval process and a saving of up to 43 per cent.

Venture Finance was also the first invoice financier authorised as a 'lender' of the Government's Small Firms Loan Guarantee Scheme by the Department for Business, Enterprise and Regulatory Reform (BERR) and has almost £20m to clients through the scheme.

For more information on Venture Finance, please contact:
Ben Crispin/Lisa Pantelli
Midnight Communications
Tel: 01273 666 200
Email: venturefinance@midnight.co.uk

Posted Tuesday January 19^th 2010
By Ben Crispin

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