LIverpool based Open Outdoor Media has secured a GBP 1m funding facility from Bibby Financial Services. We are told that it is being provided with invoice finance and hire purchase facilities, in order to access working capital and finance new projects.
Open Outdoor Media Founder, Mike Smith, explained that this was to help it secure additional advertising sites, including the two displays on Hotel Football at Old Trafford and BoxPark in Wembley and told us “It was becoming increasingly difficult to get our hands on the equipment we needed to take on new projects and grow. There was a clear payment gap between funding new projects and waiting for payment”.
“Working with Langtons Corporate Finance and the Corporate team at BFS has opened our eyes to the different ways that funding can help. The Invoice Finance facility was put in place promptly and they were always on hand to answer our calls. Choosing BFS as our funding partner of choice will allow us to access the equipment we import from the USA at a faster pace and with greater ease, ultimately allowing us to better service our clients.”
Luke Fitzsimmons, corporate manager, North West at BFS said “Open has experienced impressive growth and has worked with a number of high profile businesses across a multitude of industries. We dedicated time getting to know Mike and the team at OPEN to ensure we structured the right combination of Asset and Invoice Finance to support the business in the most beneficial way possible.”
Follow DailyDOOH