QIB (UK) Provides Working Capital Facility To B3 International

 

4 November 2010
Source : QIB UK

QIB (UK) plc is pleased to announce the provision of a working capital facility for B3 International, which will be used to finance the purchase of raw materials used in the manufacture of toiletry products, supplied to some of the biggest High Street retail names in the UK.

Part of Barclays Ventures' investment portfolio, B3 International operates out of a 240,000 sq ft site in Preston and will fill over 35 million bottles, jars and tubes with personal wash, hair care and skincare products this year.

QIB (UK)'s facility will enable B3 International to deliver on its healthy order book, generate strong margins and provide the platform for sustained future growth, a strategy pursued by the B3 International management team and Barclays Ventures.

Dimitrios Tzililis, Portfolio Director of Barclays Ventures, commenting on the financing, said: "We were particularly impressed by the speed at which QIB (UK) became familiar with the business and were able to put forward an appropriate funding proposal. QIB (UK)'s open minded approach to the non-typical funding request was very refreshing, and very quickly provided a high quality and innovative funding facility which will allow B3 International to achieve its next level of production."

John Carrington, CEO of B3 International, commented: "We found the team at QIB (UK) very professional and totally focussed on our business needs through a period of significant growth. The transaction was smooth and well organised with an emphasis on speed that was completely in tune with delivering the funds required for us to fulfil our client's requirements. QIB (UK) made the transaction an extremely straightforward and painless process in what is an important stage in the development of B3 International."