FGI Finance designs $3 million facility for Wiley Accessories HK Ltd
“FGI were able to assess the needs of Wiley HK and provide a suitable, flexible facility that enabled us to draw against our internationally generated receivables. FGI boutique approach meant that throughout the process we had the comfort that we were dealing with the decision makers in the group and therefore knew that what was being offered from the outset, was representative of what we were going to receive on funding. They took the time to understand our needs and then came up with a solution that matched our needs. This facility will now enable us to concentrate on growing the business, safe in the knowledge that we won’t be constrained on working capital in the future.”
Wiley Accessories is a fashion company that sells their accessories on a global scale. It was founded in the UK in 1972, business really started to take off once they attended different events across the UK showcasing their various fashion products. Wiley Accessories have offices in the UK, Paris, Hong Kong, Wenzhou and a joint venture factory in Guangdong. They offer both the design and supply service to major retailers with their own brand products for fashion outlets worldwide. The Hong Kong office’s specific line of business deals with the design of a variety of different Handbags for UK brands.
Wiley Accessories HK Ltd is based out of Hong Kong, China and are partnered with UK brands. Since they are directly invoicing out of HK in US Dollars, this is the reason why US banks and independent lenders both have a major issue lending to them. Due to these other lenders having the inability to provide a financing line for the company this is what led them to FGI.
Due to FGI’s extensive background funding companies worldwide, FGI was able to provide Wiley Accessories HK Ltd with a $3 million dollar (USD) facility. This solution was an invoice discounting line against their invoices that are being generated in Hong Kong. Also FGI had helped resolve all road blocks prior to this solution with their incumbent lender.
