Video transcript: Interview with Mark Lockley, Owner and Managing Director of Streamline Press
Streamlined Press is a commercial printer, so we print brochures, corporate stationery, marketing literature, point of sale for a number of end-users.
Streamline was struggling. It had some financial problems, the balance sheet wasn't particularly well-structured, and we had an opportunity to acquire another business, John Baxter's. It's complementary business and the business logic to do the acquisition was compelling and it would strengthen both businesses. High street banks weren't particular sportive of the idea, so it was a question of finding a lender who could see the strategy, support the vision and put enough money in place to restructure Streamline's balance sheet, as well as enable the acquisition of Baxter's.
There's an intermediary I've known for many years and he recommended Close. I mean we were put in place a lot of money, so we were putting in asset finance, as well as invoice finance, so it was fairly complex, and certainly as far as Close were concerned they seem to have an affinity with the print industry and actually understand what we were all about.
Subsequent to the debt being put in place, it's worked out extremely well. You know, on the asset finance we've had no real interaction at all, and in terms of the invoice finance, we've had four audits now. It's been in place for a year. The audits have been smooth and the operation, the day-to-day operation, works very smoothly, very well.
Going forward, we've got some exciting plans, so there are further acquisitions we're looking at an investment and I'd like to think that Close would support, from an asset-based position, any future plans and equipment purchases, and in terms of the invoice discounting, you know our facility has got headroom for us to grow at least 25% before the bumper hits a facility level. And given the relationship I'm sure we put new finance in place for new assets.