When the directors of home fragrance business, Ava May Aromas, needed to raise a six-figure sum to support their growth and investment plans, they knew where to come. Being an online business, it is so important that Ava May Aromas has the very best digital technology in place to maximise productivity and allow it to invest in labour saving processes. We had helped Ava May around a year ago with finance for another project and it was great to have been on-hand for them again.
Ava May Aromas is a family run business making wax melts, candles, room sprays, bath bombs and other luxury scented products.
Established in July 2018, it now employs 24 staff and operates from a 6,000 square feet facility in Andover, Hampshire. Like all companies, cashflow is the lifeblood of the business, and even more so when it is growing at an exponential rate.
“When Tamara Renshaw sent us a general email in the first week of January 2021 explaining how Productivity Finance is supporting businesses through the crisis, it was very timely. The email explained that they were not just helping businesses with much needed funds for cashflow to keep them afloat, but also supporting those businesses ready to grow and expand, explains Managing Director, Daryl Chapman.
"We just happened to be planning our 2021 expansion programme and were looking for funding to increase our stock levels. We also wanted to invest in labour saving technology and the digital side of our business. We had big plans for this year and needed a sum of money to accommodate our capex without putting a strain on the business financially.”
Even though this was a growth project, we were able to secure a loan using the Governments CBILS scheme. Not only did the facility provide ample funding for Ava May Aroma's growth, but it provided a 12-month repayment holiday, which will help immensely with cashflow. The Government is providing the guarantee to the funder, not the directors, and the term of the facility is just right for their growing business. All in all, it was an affordable solution, which also consolidated more expensive debt.
Managing Director and founder Daryl Chapman said, “We were very impressed with the first-class service and attention that we received from Tamara and the funder she worked with.
"From the point of enquiry to the point of funds landing in our account was just one week. This efficient process has allowed us to make solid decisions and bring our planning forwards.
"As a fast growth business, Productivity Finance is exactly the type of business partner that we need to work with. We had done business with Tamara before; there were many more challenges first time round with our business in its infancy, but a solution was found.
"It’s so important for businesses to recognise previous business done and not just treat it as a transaction. Tamara has reached out to us again and delivered.”