Printing.com wins bank finance deal

High street franchise chain Printing.com has won a 500,000 financing deal from Royal Bank of Scotland. The money will be used for more bolt-on franchises and additional working capital.

Printing.com chief executive Tony Rafferty said that the move put in place the "next piece of the jigsaw" for Printing.com.

 

"It gives us a chance to play venture capitalist," he said. Finance from 5,000-25,000 will be able to be sanctioned by the firm where the ambition exists for a business to benefit from a bolt-on franchise operation.

 

Rafferty said that as Printing.com would approve the funding, this would cut the bureaucracy involved in arranging finance.

 

Royal Bank of Scotland has long been a partner of Printing.com, providing banking facilities and finance for many of its start-up franchises.

 

Through what Rafferty termed the enterprise scheme, Printing.com aims to offer backing to over 50 new franchisees.

 

One immediate beneficiary is Graphic Results, a short-run digital print firm based in Derbyshire.

 

Its owners Mike and Liz Handley have become the first firm to tie-up with Printing.com under the enterprise programme.

 

Although Handley said the switch to Printing.com could have been funded though cash flow, the scheme would allow the business to start from a more "solid base".

 

In some circumstances the scheme will even allow for a repayment holiday. Rafferty said that this would be a key element in driving Printing.com ahead.

 

"This move has been in play for some time and is one more example of how we will achieve our aim of 175 outlets by August next year," he said.

 

Story by Andy Scott