The funding line includes invoice finance and hire purchase facilities to allow the advertising business to access working capital and finance new projects.
Liverpool-based OPEN specialises in digital media advertising – such as banners and digital screens – and works with companies including JD Sports, Jaguar Land Rover and Netflix.
Thanks to its growing network of clients, OPEN has secured premium advertising sites across the UK, with its most recent being two large external displays at Hotel Football in Manchester (pictured above), which is poised to reach an audience of just under three million over a four-week period.
OPEN required extra working capital to support its recent projects and sought funding options with Langtons Corporate Finance, which introduced the business to the corporate team at Bibby.
Bibby structured the flexible funding package so that OPEN could bridge the gap between invoicing and awaiting payment from customers.
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Mike Smith, managing director at OPEN, said that working with Langtons Corporate Finance and Bibby opened its eyes to the different ways that funding could help.
“The invoice finance facility was put in place promptly and they were always on hand to answer our calls.
“Choosing Bibby as our funding partner of choice will allow us to access the equipment we import from the USA at a faster pace and with greater ease, ultimately allowing us to better service our clients.”
Luke Fitzsimmons, corporate manager for the North West at Bibby, said it dedicated time getting to know Mike and the team at OPEN to ensure it structured the right combination of asset and invoice finance to support the business in the best way possible.
“While purchasing equipment can often prove challenging for SMEs, it is even harder when the assets you need are imported from overseas.
“The funding line will now provide OPEN with access to cash within 24 hours to help them meet payments and make important purchases, as well as chasing payments to free up time.
“With the facility in place, we’re anticipating the business’s continued success in the near future.”