Multi-million pound cash deal for Fogarty

A MULTI-million pound cash injection is set to protect the jobs of 284 people employed by Fogarty (Filled Products) Ltd at its factory in Fishtoft.

Fogarty, a market leader in the supply of duvets and pillows to the retail sector, has struck an investment deal with GE Capital worth £10.75m.

The financial assistance comprises of invoice discounting, trade finance, inventory and plant and machinery finance.

Founded more than 100 years ago, Fogarty is a market leader in the supply of duvets and pillows to the retail sector.

The firm’s plans to complete a turnaround of the business in 2011 were made difficult by rising commodity prices, which resulted in an increased need for working capital for the business.

Stewart MacDonald, Fogarty’s managing director, commented: “GE Capital came up with an innovative solution that met all of our funding requirements.

“This will support Fogarty’s future expansion and growth plans and provide additional working capital support to help the company accommodate fluctuations in raw material costs.”

GE Capital is one of the leading commercial finance providers in the UK.

Barry Lee, the company’s regional director, added: “Access to working capital can be an important issue for UK manufacturers as they look to grow and thrive in an increasingly inflationary environment. Having the right financial support in place can address those issues.

“By working closely with the Fogarty management team we were able to deliver a solution which will help to support the ongoing growth of the business. This deal secures additional finance during cotton price rises and ensures their growth plans stay on track as a result.”