Set up by Juls Dawson and Eyal Tzabari, Northern Sole Supply Co sells own-brand fashion, accessories and footwear, as well as distibuting and holding licenses for others. Aside from it’s Manchester HQ, the business has a showroom off Brick lane in Shoreditch, at the heart of London’s fashion industry.
“My background is merchandising, financing, sourcing and warehousing and I’ve been in the industry for 20-plus years,” says Eyal. “We met socially in 2013, then Juls, who comes from a sales and marketing, brand and product develoment background, became a sales agent for one of my businesses.”
“We set up our first business together in 2014, followed by Northern Sole in 2016. As well as our own clothing, accessories and footwear, we design and distribute for other brands – everything from bum bags, cross-body handbags, backpacks and travel bags to eye wear, caps and hats,” Juls says. “We supply online sellers, national and regional department stores, catalogue companies, sports chains, fashion chains and about 400 independent stores across the UK, Ireland and Europe.”
Thanks to ever-increasing sales, Northern Sole has grown rapidly in recent years. “Our team has increased in size and we’ve moved to much larger premises. We needed much more space,” Eyal smiles.
Managing cash flow is a key challenge for all businesses, but it can be a far greater test for those growing quickly. “Often you must pay your suppliers long before your retail customers have paid you, but, Aldermore came along and relieved a lot of our cash flow pressures,” states Juls.
“A broker recommended Aldermore to us and we haven’t looked back. Thanks to Aldermore, we’ve had the cash we needed to run and grow the business. Crucially, now we know that we have the cash to fulfill new orders to sustain our growth.”
Juls believes that several things make Aldermore different. “I’ve worked with high-street banks for 20 years and with Aldermore, you really feel they care about you. They listen, too. They’re not like other high-street banks.”
Trade Finance and Invoice Finance from Aldermore have helped Northern Sole keep their cash flow healthy. Juls explains: “Trade finance means our suppliers are paid upfront and promtly, while invoice finance advances cash to us, so waiting for customers to pay us doesn’t place strain on our cash flow.”
Quick and easy
Eyal describes the process of arranging trade and invoice finance from Aldermore as “smooth and easy”, taking “just a few weeks” he reveals. “Aldermore is a key partner in our growth, because they provide the cash we need. Their finance matches our growth ambitions.
“Laura and Jenny at Aldermore have been a great help to us. They’re there each time we need them. We’ve worked with Aldermore for a few years now and whatever our questions have been, we’ve never had to wait long for an answer.”
Laura Poncini, Senior Relationship Manager at Aldermore, says: “Working with Juls, Eyal and others at Northern Sole is great – they’re interesting, ambitious people who really love what they do. You can feel their excitement at their success and growth, and we’re delighted to help them secure the cash they need to continue on that journey.
Cash flow solutions
“Businesses aren’t always able to get the credit they need – especially when buying from overseas suppliers,” she continues. “Through trade finance, we can pay UK or overseas suppliers, without our customers having to worry about the cash flow implications of large sums leaving their account. Invoice finance means unpaid invoices are much less of a cash flow issue for your company’s finances. It means you have enough cash to not only run your business, but also grow it, by having the cash to take on new orders and customers.”
- To find out more about our Trade Finance and Invoice Finance funding solutions for your business call 0333 9208638.
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