Westcon Group has unveiled a new $200m (£131m) credit facility across Europe after reaching a deal with HSBC Invoice Finance.
The four-year invoice financing facility will replace existing flooring arrangements within the networking, security and mobility distributor, which it clams will allow it to increase profitability by using the funds for supplier prompt pay arrangements, replacing its previous system of vendor based inventory financing.
Richard Hodgett, chief financial office at Westcon Group Europe, said: “We are pleased to be strengthening our partnership with HSBC.
"This new agreement reinforces the fact that our principal lender continues to recognise Westcon Group’s financial strength and our ability to meet growth commitments.
“In addition, this arrangement reinforces our financial strength, which is a key value to our vendors,” he said.
Kevin Craven, director of corporate at HSBC Invoice Finance, said: “HSBC is delighted to be in a position to enhance its existing relationship with Westcon Group as it looks towards continuing its growth and expansion opportunities in Europe.”
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