Tradewind has announced a €2 million non-recourse factoring facility for a seafood processor based in Latvia, a deal that will help propel it into additional markets and allow it to focus on the construction of a new factory with greater output.
The company sells on open account terms and exports to retailers across Spain, Portugal, and the UK. With the facility in place, the seafood processor plans to build a new factory that will increase productivity, add value to the products, and implement higher environmental standards.
The client came to Tradewind because of its extensive portfolio working with other businesses in the seafood industry around the world. When its production capacity doubled during 2017 after different investments were made to the factory, Tradewind further proved to be the most suitable financing partner because of its ability to increase funding in line with sales growth.
“The know-how and market specific knowledge Tradewind possesses is of great value to our client, which aims at increasing its market share in the seafood industry and expanding into new markets,” said Sveinn Reynisson, Manager of Tradewind’s Iceland office.
The Tradewind Group maintains a network of offices and affiliates all over the world, including Bangladesh, Bulgaria, China, Hong Kong, Hungary, Iceland, India, Pakistan, Peru, Spain, Turkey, UAE, UK and USA as well as the headquarters in Germany. Combining financing, credit protection, and collections into a single suite of trade finance products, Tradewind brings streamlined, flexible and best-in-class services to the world’s exporters and importers.