by Holly Tribe
Swift Group has signed a £30 million financing agreement with a leading commercial finance provider.
GE Capital have arranged to provide a distribution finance facility expected to bring Swift £30 million in dealer stocking funds in 2010, rising to £60 million in 2011.
The contract will allow Swift to provide their network of dealers with on site display products until they are sold to the end user.
Nick Page, the Commercial Director for Swift Group said: “Providing adequate stock funding to our dealer networks is a vital cog in the retail chain, enabling dealers to display and therefore sell more of our products.”
The deal also guarantees payment for delivered caravans and motorhomes which is essential for freeing up capital and enabling Swift, market leaders in the manufacture of recreational vehicles, to focus on product design, manufacturing and sales.
The Industry Leader for Recreational Vehicles at GE Capital’s Distribution Finance business, Maarten Endel noted: “Access to working capital is essential to manufacturers as we exit a recession and we are very pleased to be able to support Swift as the company returns to strong growth.”
Swift produce a range of caravans, motorhomes and holiday homes. Their existing $200 million funding arrangement with GE Capital has equated to the production of more than 10,000 caravans, motor homes and static homes over three years.
Mr Endell added: “We are delighted to play a role in the future growth of their business as they build on their recent success”.
