Wells Fargo Capital Finance UK increased City Electrical Factors’ asset-based loan to £300 million ($370.06 million), of which Wells Fargo holds £200 million ($246.71 million) as agent. City Electrical Factors’ continued growth, production and strong financial performance drove the loan increase.
“Our increased facility enables CEF to continue to grow and innovate, allowing us to stay at the front of our industry and provide a secure future for our teams and multichannel service for our customers,” Chris Ashworth, managing director with City Electrical Factors, said. “This, in turn, allows us to live up to our purpose of ‘going above and beyond, improving lives and creating opportunities.’ We value relationships and the team at Well Fargo is a real credit to have. We are very grateful to both Wells Fargo and PNC for their continued support.”
“We are delighted to provide City Electrical Factors with credit solutions tailored toward their strategic business initiatives,” Iana Corniciuc, relationship manager at Wells Fargo Capital Finance UK, said. “CEF’s continued growth has demonstrated the flexibility of our ABL product and our commitment to providing our clients with the support they need as they expand their businesses.”
Founded in the UK in 1951, City Electrical Factors and its associated companies employ 9,500 people across more than 1,100 locations throughout the UK, North America, Ireland, Spain and Australia.
