Character World secures £14.5m refinance package | North West | Insider Media – Insider Media

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Licenced textile product provider Character World has secured a £14.5m refinance package from Secure Trust Bank Commercial Finance, as it plans for growth in 2022.
The Cheadle Hulme-based business has increased its working capital facility from £8m to £10m after four years of working with the bank, to help meet increased demand for its products. 
Secure Trust Bank has also provided an additional £4.5m term loan to refinance an outstanding unitranche facility that was put in place when Palatine Private Equity backed the business in 2014. 
Character World is a manufacturer and distributor of licensed bedding for children in the UK and Europe. It allows the best-loved characters from brands like Fortnite, Minecraft, Warner Brothers, Nickelodeon, PlayStation, Lego, and Pokémon to become part of their world.
The extra £2m working capital facility will allow Character World to invest in new licenses, new revenue streams and meet further increases in demand. 
Max Paterson, finance director at Character World, said: “Business is going really well and we’re pleased to be able to utilise our existing relationship with Secure Trust Bank to further this growth. Their understanding of our business – having worked with us for four years – has made the process much easier for us. 
“We know that we can have proactive discussions with the team and that they are willing to find the right solution to support us where perhaps other lenders may not have been so flexible.”
Paterson added: “Moving forward, we want to maintain the positive results we have seen following the increase in online shopping and the backing we’ve received from Secure Trust Bank will help us to do that.”
Clearwater International advised the company and Dow Schofield Watts did the financial due diligence.
Character World / Secure Trust Bank Commercial Finance /
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