A.T. Cross, a leading manufacturer of luxury pens and personal accessories, has agreed an asset based lending facility with Aldermore, the specialist lender and savings bank.
The £7.5 million ABL facility from Aldermore provides A.T. Cross with funds against its existing debtors and stock which positions the business to continue its recent success following its acquisition of the Sheaffer brand.
Based in Luton in Bedfordshire, A.T. Cross distributes to more than 140 overseas markets including France, Germany and Spain. The company employs 78 staff in the UK.
The company has a rich history, having developed some of the ‘firsts’ in the field of writing instruments, including the propel-repel mechanical pencil and the Stylographic pen, the precursor of the ball-point pen.
Paul Burmeister, Chief Financial Officer at A.T. Cross, said: “From our very first conversation, it was clear that the team at Aldermore had a strong understanding of our industry and quickly grasped what we are aiming to achieve. We were very impressed by the team’s enthusiasm and ability to work to our rigid timescale, at the same time as being flexible and resourceful when it came to our bespoke needs.”
John Savage, Business Development Manager, Asset Finance at Aldermore, said: “A.T. Cross has a long tradition of delivering the highest quality products across the globe. We’re delighted to be able to provide the organisation with such a substantial ABL facility. With the new funding in place, the company is extremely well-placed to meet growing customer demand for its high quality products.”