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.”