Daily News: December 14, 2017

Bibby Provides International Financing for Chameleon Art

Bibby Financial Services (BFS) provided arts and crafts manufacturer Chameleon Art Products with a $750,000 factoring facility to support its U.S. business. Concurrently a £400,000 ($535,000) funding line was advanced to Chameleon’s UK business by Bibby Financial Services in the UK.

BFS’s international capabilities and flexible, customizable factoring solution allow the client to access a larger sum of working capital across its global operation while providing an in-house team of currency and language specialists who can help the company focus on its international footprint and product development plans.

With Chameleon’s goods manufactured in China and distributed around the world, its growth and the demands from customers for lengthening credit by up to 90 days in some cases put a strain on working capital. After determining the traditional loan structures of bank financing would not be able to fulfill the company’s unique needs, Chameleon turned to BFS for a customized alternative which included funding lines in both the U.S. and the UK.

“We were extremely impressed by BFS’s expertise in helping growing businesses. Chameleon aims to inspire, encourage and engage every artist, crafter and creative through innovations in color and with BFS’s financial support, we will continue build on and support our customers around the world,” said Mark Ingram, Chameleon’s financial director.

Established in 2012, Chameleon manufacturers arts and crafts products which are exported to more than 70 countries and sold by art supply and retail stores.