GE Capital Provides £9.5M Facility to Fogarty Limited

GE Capital today announced that it has provided East-Midlands based Fogarty (Filled Products) Limited, with a £9.5 million financing facility. The new facility, which will comprise of invoice discounting, trade finance, inventory and plant & machinery finance, 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. Founded over 100 years ago, Fogarty is a market leader in the supply of duvets & pillows to the retail sector. Fogarty's plans to complete a turnaround of the business in 2011 were made difficult by raising commodity prices, which resulted in an increased need for working capital for the business. Fogarty chose GE Capital after an extensive review of the funding market, and plans to invest some of the funds in their business operations to improve efficiencies as the business and the economy return to growth. The funding will help to protect the jobs of 284 people employed by Fogarty at its single-site operations in Boston, Lincolnshire.