GNR Tech, a trade focused technology distributor based in Telford, has agreed on a £5m facility from Aldermore, the specialist bank to enable a growth plan. The package consists of a £4m invoice discounting facility and £1m inventory facility.
GNR Tech was launched in May this year and was an acquisition of various assets from the defunct distributor Entatech. GNR Tech distributes technology hardware and software to the trade industry and already has over 1000 active resellers, MSPs and retailers among its client base.
The company represents 20 vendors in the UK including Intel, Gigabyte, iStorage, Hannspree and Hikvision. It prides itself on its digital infrastructure, data analytics and ease of doing business.
The management team, led by Dave Stevinson, has decades of insight into the technology sector and has ambitious plans for the new business. The tailored facility from Aldermore will allow the company to pursue their aims for growth by increasing their vendor breadth and investing in the necessary inventory to meet demand.
Dave Stevinson, Managing Director at GNR Tech commented “This is a capital intensive business and the optimum capital structure is critical. By partnering with Aldermore and maintaining the right blend of debt and equity – we are ideally poised to execute on our vision.
“After conducting an extensive review of lenders our advisors felt Aldermore were the right choice based on their long term view, reasonable charges and the simplicity of the products.”
Carl Finlayson, Head of Business Development Invoice Finance at Aldermore, said: “These funding deals are all about relationships and from day one we were able to build a strong rapport with the team at GNR Tech. The management team has excellent industry contacts and a credible and well-articulated business plan. We are proud that Aldermore is able to support an exciting company with an impressive vision for the future.”
For further information, journalists can contact:
Carmel McCarthy, Aldermore
Phone: 020 3553 4216
Mobile: 07464 644754
Tom Pavey-Smith, Lansons
Phone: 020 7294 3606
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