Bibby Financial Services has provided an £850k funding facility to Fyne Audio, a new entrant into the high-end, loudspeaker audio market who’s development we have been following closely. The funding line includes Export Invoice Discounting (Export ID) as well as an FX facility, which will help the business access working capital and fund its export debts to reach its growing international client base.

Based in Glasgow, Fyne Audio is the brainchild of a group of former employees from a prestigious, Scottish based loudspeaker manufacturer. With over 200 years of audio industry experience between them and a host of sector contacts, Fyne Audio is set to launch three high-performance loudspeaker ranges, with products ranging from £200 – £24,000. Through a combination of an established management team, quality products and an international customer base, the business has caused quite a buzz and has pre-orders coming in from as far away as Asia.

To help support its quest to excite the audio market and plans for global growth, Fyne Audio needed extra working capital. Working closely with Bibby Financial Services (BFS), the business has secured an Export Finance ID facility which will enable it to bridge the cashflow gap between awaiting payment and paying supplier invoices. Furthermore, using Export Finance will also allow the business to benefit from BFS’s language, currency, time zone and legal support when trading in overseas markets. As Fyne Audio deals directly with international markets, BFS’s Corporate team also structured a funding package to include Bad Debt Protection (BDP) and an FX line. While the BDP will protect the business against poor payment practices and customer insolvency, the FX feature enables FYNE AUDIO to convert the cash released from invoices to a currency of its choice, shielding it from currency fluctuations.

Andrzej Sosna, Managing Director at Fyne Audio, said: “As industry veterans, we knew our products had to be high-quality and differentiated if we were to make waves in the market. But we also knew that to help us on our path to growth, especially with a growing international customer base, having access to working capital was vital in these early stages. “From the offset, BFS stood out to us. The Corporate team invested time in getting to know and understand our management team and products. As a result, they recognised the strength of our business plan and structured an Export Finance facility that other funding partners could not. Having the Export Finance team to support with our transactions, takes away the administrative hassle of prompt debtor payments in multiple currencies, allowing us to focus on growth.”

To find out more about Fyne Audio, read our interview with Andrzej Sosna in our free to download magazine here.

 

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