Acting as the sole lender, Wells Fargo Capital Finance provided a five-year £150 million ($208.9 million) asset-based credit facility to City Electrical Factors, an electrical wholesale network based in the United Kingdom. The facility will provide liquidity for the future growth and working capital requirements of City Electrical Factors.
“This new credit facility provides us with additional financial flexibility to execute on our strategic vision and our core mission to exceed the expectations of our customers. Through organic and acquisition-related growth and key focus on digital transformation, we can continue to put our customers first, whether it be at one of our many store locations or through our full-service online offering,” Charlie Beddows, CEO of City Electrical Factors, said. “We thank the Wells Fargo team for their seamless and efficient execution through this process.”
“We are delighted to have delivered to City Electrical Factors a credit solution that is tailored towards their strategic business initiatives,” Julian Osborne, director with Wells Fargo Capital Finance’s UK originations team, said. “The flexibility of our ABL product is a great fit to support CEF’s continued growth.”
Founded in the United Kingdom in 1951, City Electrical Factors employs 7,500 people across more than 1,000 locations throughout the UK, North America, Ireland, Spain and Australia.
Editor’s Note: The original headline for this post incorrectly identified City Electrical Factors as City Electric Factors. The post has been updated to correct the mistake. ABF Journal apologizes for the error.