Distributor hails 'dry powder' of funding to ignite growth explosion

Managing director tells CRN what £5m facility could achieving for fledgling distribution firm

GNR Tech has secured a £5m facility from specialist bank Aldermore and claimed the funds are ready to drive a new growth surge for the firm.

The Telford-based distributor was launched this May as an acquisition of various assets from the defunct distributor Entatech.

The £5m package consists of a £4m invoice discounting facility and £1m inventory facility.

GNR Tech claims to already have 1,000 active resellers, MSPs and retailers among its client base. Its vendors include Intel, Gigabyte, iStorage, Hannspree and Hikvision.

"I am keen to have some 'dry powder' to hand in case any opportunities arise," Dave Stevinson, managing director at GNR Tech told CRN.

"We now have an option of a £5m facility should we need it to allow us to grow. It is important to have funds behind us as we grow.

"If you get the right blend of equity and debts, you have the optimum capital structure. We are still a very young company - we have only been trading for 80 days. We are making progress every day, but having a larger capital base allows you to do much more."

Carl Finlayson, head of business development invoice finance at Aldermore, added: "These funding deals are all about relationships and from day one we were able to build a strong rapport with the team at GNR Tech.

"The management team have excellent industry contacts and a credible and well-articulated business plan. We are proud that Aldermore were able to support an exciting company with an impressive vision for the future."

The facilities from Aldermore will also allow GNR Tech to increase its vendor breadth and allow it to invest in the necessary inventory to meet demand, the distributor claimed.