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, Invoice 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.
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The story of the CROSS brand begins in 1846 when artisan Richard Cross, in partnership with his son Alonzo Townsend Cross revolutionised fine writing instruments. Their early mark of entrepreneurial excellence included tools refined through more than 100 patents and accented by the spoils of the California gold rush. Still positioned to set the bar for what it means to symbolise achievement, human potential and usable luxury, CROSS seeks to provide those possessing extraordinary vision and a strong entrepreneurial spirit with the tools needed to make their mark.
For more information, please visit www.cross.com.