Brookmann Home specialises in purchasing underperforming businesses and then setting them off on the road to recovery. Myron Mann, a director of Brookmann Home, realised that the long-established bed linen business, which once traded under the Dorma brand, had plenty of potential but needed restructuring.
Myron explains: "The business specialises in designing and sourcing private label bed linen for retailers and selling its own product range to wholesalers. Our first challenge, having acquired the business, was to close down unprofitable lines and downsize the operation to return it to profitability. This process not only involved bed sheets but also the balance sheet and it quickly became apparent that the company's bank borrowing facilities were too big, too costly and too cumbersome and needed trimming-back.
"We reviewed the financial packages on offer from most of the well known banks and in the process came across the new British bank, Aldermore. Traditional banks were offering an 'off-the-shelf' business package which we could either take or leave, but Aldermore was willing to tailor a bespoke solution based on our specific requirements.
"To be honest, we found that the traditional UK market for asset based lending was not at all creative and it was therefore refreshing to come across a new breed of bank willing to take a different view of our requirements.
"Having made the decision to put a £2.9 million finance package in place with Aldermore, the transfer process was both straightforward and quick. The bank's due diligence was completed without any unnecessary delays and with the facility now up and running, our day-to-day working relationship with Aldermore is working well."
Myron Mann says the business is in good shape for the future: "We have a competitive product line-up, a strong management team and are trading profitably and our plans for the future include marketing our products overseas as well as here in the UK. With support from Aldermore, our finances are now in as strong a position as the rest of the business."
Simon Maddocks, Associate Director of Aldermore's structured finance team concluded: "Aldermore is delighted to have played a part in the successful restructuring of this great British business. The transition that has taken place is truly impressive and I have no doubt the company will continue to go from strength-to-strength. I would like to wish Myron and his team best wishes for the future."
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