NatWest funding supports Bushey based footwear company

NatWest funding supports Bushey based footwear company

Bushey based footwear company, 33 Joints Ltd and its sister companies Fresh/Epic Footwear, founded in 2002 by Malcolm Nathan has announced a strong growth in sales and profitability across its group of companies.

This comes as it agrees a new funding line with its banking partner NatWest.

The sales figures are an encouraging sign for the future as they follow a difficult 18 months for the company, where the directors were concerned at how their growth aspirations could be managed through the recession. During this time NatWest has spent a long time understanding all facets of the business and its trading cycle undertaking a forensic look at its cost base, funding structures and business plan.

Barry Burroughs, senior manager, specialised relationship management has coordinated a joint approach from the banks invoice finance, global transaction and foreign exchange divisions to review the company's longer term funding needs. They have recently arranged further funding through the government's Enterprise Finance Guarantee scheme, to help bolster the company's cash reserves as they continue to manage the seasonal demands on their business.

Talking about the new funding, Malcolm Nathan, managing director of 33 Joints Ltd said: "We are delighted to announce these results. The recession has made life very difficult but by being proactive and engaging in honest dialogue with NatWest we have managed to trade through the headwinds. We are aware despite some improving economic conditions that it is still not plain sailing in either our domestic or international markets so our new funding agreements mean that we can look towards 2011 and 2012 with a cautious optimism, knowing that we have a strong financial platform from which to build."

Barry Burroughs, added: "Malcolm and the directors undertook a radical review of all parts of the business and working in partnership with the bank we have been able to put in place a multi faceted, multi million pound structured trade finance facility, including invoice discounting and foreign exchange protection, which represents a significant uplift in the bank's support for the group allowing them to evolve their strategic plans over the coming years."

Media Enquiries to: 

Andy Cameron-Smith
Group Communications
Mobile: 07796 336292



Latest news

Women and millennials help drive £17bn+ franchise sector to record levels

New research from NatWest and the British Franchise Association (bfa) highlights changes and profitability in the sector.

Winners announced for Skills & Opportunities Fund

52 winning organisations have been announced for round two of the 2018 Skills & Opportunities Fund.

RBS Multicultural Network meets Eric Holder, 82nd US Attorney General

Simon McNamara, RBS Chief Administrative Officer and Executive Sponsor of the RBS Multicultural Network, recently hosted an event in discussion with Eric Holder, the first black US Attorney General. They discussed career, ethnicity, diversity and even a little bit of politics. At the event, Eric Holder shared his wisdom and experience with attendees from the RBS Executive committee and RBS Multicultural Network. Simon McNamara blogs about his experience meeting Eric, a BAME role model, and why diversity is so important to RBS.

Set Tab for lightbox