The UK’s largest wholesale distributor of used iPhones has received £4 million in funding from NatWest Bank.
The funding will enable Watford-based family business Electrade 247 to set up an invoice financing facility which will improve cash flow and the ability to offer new and existing customers better payment terms.
As Apple’s third customer for used iPhones, Electrade 247, part of the global Sunstrike International group, provides products and solutions for all mobile devices and accessories. Started by the Singh family, the business is headquartered off Tolpits Lane and employs a full-time staff of 10 which it hopes to grow over the next 18 months.
Paramjot Singh said: “At a group level, Sunstrike International is underway with ambitious growth plans to maximize our presence in every corner of the world. The funding provided by NatWest will help accelerate our footprint in the UK and give us the confidence to buy more devices, given the extra cash we now have within the company.
QAs a family business founded in 1997, we are extremely proud to see the organization continue to go from strength to strength. We hope to introduce similar financing facilities from NatWest Group as we see the business value it brings to Electrade 247.”
Angus Wetson, Director of Commercial Business Development at NatWest, added: “The scale of Sunstrike International’s presence in the mobile device industry is truly unmatched, and we are proud to have helped Paramjot strengthen the UK arm of the company.
“Invoice financing is a simple way to improve cash flow within businesses and will help Electrade 247 provide customers with improved payment options and, in turn, attract more customers. We look forward to seeing the company continue its success.