Santander provided a tailored financing package to help growing retailer Poundworld improve its cashflow and support expansion. Through in-depth discussions, Santander understood Poundworld's complex import cycle and financing needs better than previous banks. It developed a solution including credit facilities, trade import loans, and foreign exchange support. This has delivered significant cost savings for Poundworld and confidence to investors and suppliers. It also freed management to focus on strategic growth like investments delivering multi-million pound energy savings. The personalized relationship approach and long-term commitment from Santander are enabling Poundworld's continued success.
FULLCOVER 10 - Interview with John Neal, QBE Group CEOMDS Portugal
QBE has had an international dimension to its operations for over 113 years, and today this extends across 37 countries and employs 14,500 people. FULLCOVER speaks to John Neal about how the business has evolved and grown as a global insurer, the importance of culture and diversity, and what drives an Englishman, now living in Australia, working globally and with a love of Portugal.
Santander InnoVentures, the fintech venture capital fund of Santander Group, today announced its latest portfolio investment in Tradeshift, a leading business commerce and supply chain finance platform based in San Francisco. The Santander InnoVentures investment will used to further broaden Tradeshift’s capabilities, fuel the development of its platform and grow the ecosystem surrounding its B2B marketplace.
FULLCOVER 10 - Interview with John Neal, QBE Group CEOMDS Portugal
QBE has had an international dimension to its operations for over 113 years, and today this extends across 37 countries and employs 14,500 people. FULLCOVER speaks to John Neal about how the business has evolved and grown as a global insurer, the importance of culture and diversity, and what drives an Englishman, now living in Australia, working globally and with a love of Portugal.
Santander InnoVentures, the fintech venture capital fund of Santander Group, today announced its latest portfolio investment in Tradeshift, a leading business commerce and supply chain finance platform based in San Francisco. The Santander InnoVentures investment will used to further broaden Tradeshift’s capabilities, fuel the development of its platform and grow the ecosystem surrounding its B2B marketplace.
Francis Clark is delighted to present our 9th annual Finance in Cornwall event, which has become an integral part of ‘Cornwall Business Week’.
The event looks to bring together people representing the funding and support streams potentially available to SMEs. Therefore, the event is of great relevance to Business Owners and Managers looking to find the best finance options available for their business and the support on offer to help them achieve their aims.
This year's event includes presentations from the big banks as well as the "alternative" finance providers. There will also be a number of organisations contracted to provide business support; including the providers of the Growth Hub and an update on 'European Funding'.
• Presentations from sources of grant, debt and equity funding, as well as business support agencies operating in the region
• The presentations will be short and sharp giving the delegate a basis for an assessment of which funding stream/funder matches their requirements
• To have a targeted session depending on your business needs – with a session focussed on start-up/early stage businesses
• Presentations from sources of grant, debt and equity funding, as well as business support agencies operating in the region
• The presentations will be short and sharp giving the delegate a basis for an assessment of which funding stream/funder matches their requirements
• To have a targeted session depending on your business needs – with a session focussed on start-up/early stage businesses
• Presentations from sources of grant, debt and equity funding, as well as business support agencies operating in the region
• The presentations will be short and sharp giving the delegate a basis for an assessment of which funding stream/funder matches their requirements
• To have a targeted session depending on your business needs – with a session focussed on start-up/early stage businesses
PKF Francis Clark is delighted to present our 13th annual Finance in Cornwall event on Tuesday 25th June 2019.
Delegates will hear from more than a dozen sources of funding and business support via short presentations and panel discussions, with the opportunity to ask questions and network with other local business owners and directors and professional advisers.
This year we have also teamed up with Cornwall Lenders Forum (a Cornwall Chamber of Commerce initiative), Acceleration Through Innovation and Cornwall Trade and Investment.
We have welcomed over 150 people to the event each year and we recommend that you reserve a place if you are thinking about expanding or investing further in your business in Cornwall.
Industry Insights into the Retail Sector 2017Sukhjeeven Nat
Santander was featured in Retail Week with a Q&A discussing what's coming up for 2017 in retail. If you'd like to see how we are supporting our customers as they navigate the key trends, you can download the article here.
Santander announces its £33 million investment in monitise’s global platform ...BANCO SANTANDER
Banco Santander today announced it will invest £33 million to acquire ca. 5% in Monitise -- a world-leading mobile money business -- to accelerate the development of the company's new technology platform. Through this partnership, Santander also expects to develop its own capabilities with one of the most innovative digital technology companies, as it seeks to become the bank of choice for its customers who chose to interact with the bank on digital platforms
Francis Clark is delighted to present our 9th annual Finance in Cornwall event, which has become an integral part of ‘Cornwall Business Week’.
The event looks to bring together people representing the funding and support streams potentially available to SMEs. Therefore, the event is of great relevance to Business Owners and Managers looking to find the best finance options available for their business and the support on offer to help them achieve their aims.
This year's event includes presentations from the big banks as well as the "alternative" finance providers. There will also be a number of organisations contracted to provide business support; including the providers of the Growth Hub and an update on 'European Funding'.
• Presentations from sources of grant, debt and equity funding, as well as business support agencies operating in the region
• The presentations will be short and sharp giving the delegate a basis for an assessment of which funding stream/funder matches their requirements
• To have a targeted session depending on your business needs – with a session focussed on start-up/early stage businesses
• Presentations from sources of grant, debt and equity funding, as well as business support agencies operating in the region
• The presentations will be short and sharp giving the delegate a basis for an assessment of which funding stream/funder matches their requirements
• To have a targeted session depending on your business needs – with a session focussed on start-up/early stage businesses
• Presentations from sources of grant, debt and equity funding, as well as business support agencies operating in the region
• The presentations will be short and sharp giving the delegate a basis for an assessment of which funding stream/funder matches their requirements
• To have a targeted session depending on your business needs – with a session focussed on start-up/early stage businesses
PKF Francis Clark is delighted to present our 13th annual Finance in Cornwall event on Tuesday 25th June 2019.
Delegates will hear from more than a dozen sources of funding and business support via short presentations and panel discussions, with the opportunity to ask questions and network with other local business owners and directors and professional advisers.
This year we have also teamed up with Cornwall Lenders Forum (a Cornwall Chamber of Commerce initiative), Acceleration Through Innovation and Cornwall Trade and Investment.
We have welcomed over 150 people to the event each year and we recommend that you reserve a place if you are thinking about expanding or investing further in your business in Cornwall.
Industry Insights into the Retail Sector 2017Sukhjeeven Nat
Santander was featured in Retail Week with a Q&A discussing what's coming up for 2017 in retail. If you'd like to see how we are supporting our customers as they navigate the key trends, you can download the article here.
Santander announces its £33 million investment in monitise’s global platform ...BANCO SANTANDER
Banco Santander today announced it will invest £33 million to acquire ca. 5% in Monitise -- a world-leading mobile money business -- to accelerate the development of the company's new technology platform. Through this partnership, Santander also expects to develop its own capabilities with one of the most innovative digital technology companies, as it seeks to become the bank of choice for its customers who chose to interact with the bank on digital platforms
1. Santander already had a relationship with value retailer Poundworld, but realised the company
had significant potential for growth and took steps to help them not only expand, but also
relieve cashflow.
Santander had a relationship with Yorkshire-based value retailer
Poundworld, providing cash-handling services to a small number
of the business’ shops. Two years ago this relationship took a new
turn. “Poundworld had relationships with other banks,” explains Paul
Watkin, Relationship Director, Large Corporate Group, at Santander
UK. “But I felt there was an opportunity for us to spend some time with
management and see if we could help with their financing needs.”
“Through speaking with Chris (CEO) we found Poundworld’s banking
facilities didn’t mirror the cashflow of the business, the international
profile of its purchasing and working capital cycle, or the needs of
a rapidly growing £340 million turnover business. We felt that the
company would benefit from more certainty with its funding, and
thought that the ideal solution would be to replace the historic
overdraft arrangements with committed facilities.”
Maintaining success
As a successful chain, Poundworld keeps costs low by importing
the majority of its stock from abroad. After paying for goods, the
business has to endure long periods during which those goods
are packed, shipped and stored before being imported to outlets
for sale. “We had to build a solution around that timeframe,” adds
Mark Lonsdale, Regional Director for Trade Finance at Santander.
“Historically, Poundworld’s facilities had been structured around
a 90-day trade cycle, which did not fully reflect the actual working
capital cycle of about 135 days.”
As an established business with between 30 and 40 new outlets
opening every year, Poundworld required a sophisticated package
of tailored support. Cue 18 months of discussions that culminated
in the facilities being made available in March this year.
CASE STUDY
RELATIONSHIP BANKING ENABLES
SUCCESSFUL RETAILER TO REACH
EVEN GREATER HEIGHTS
What I liked about Santander
was they put faces behind the
names. Everybody got to know
everybody and it really worked.
They did their homework.
Chris Edwards, CEO, Poundworld
“Knowing that we are committed to
supporting his business over the long-term,
Chris (CEO) is now free to focus on strategic
planning and growth.”
Paul Watkin, Relationship Director,
Large Corporate Group, Santander
SimplePersonalFair
Whatabankshouldbe
2. Providing the best
“We were looking at a few banking options, but we got a strong
impression that Santander wanted to do their best for us,” says
Poundworld CEO Chris Edwards. “We soon realised that this was the
bank for us and we have been more than happy with that decision.”
He adds, “With every meeting we gained more and more confidence
in them. To get to the point of the offer, they had to calculate all the
different financial aspects of the business, from trade loans to foreign
exchange to credit cards.”
“What I liked about Santander was they put faces behind the names.
Everybody got to know everybody and it really worked. They did their
homework properly, so when they made us an offer it was obviously
the best.”
The package
That package supports both Poundworld’s current requirements
and future growth. Santander’s facilities included a £5 million
committed credit facility; a $30 million trade import loan; a group-
wide overdraft; and facilities to accommodate foreign exchange
requirements; in addition to the Day-to-Day banking facilities for
the shops and head office.
“All businesses have specific and different needs,” says Paul Watkin.
“So we got to know Poundworld, their industry and how the two
connect. Given the scale of this business, Santander’s approach is
to create a deal team. This includes not only the Relationship team
and our International colleagues but also, importantly, a Credit
Partner. This way, ideas are considered well ahead of our final credit
approval stage.”
Santander’s approach has delivered immediate bottom-line benefits to
Poundworld. The credit facility committed for three years, for example,
gives Poundworld’s suppliers extra confidence in the business and is
helping to bring down the premiums it pays to trade insurers, landlords
and suppliers. “When you’re talking about a business like this operating
on fine margins, a 0.5% or 1% difference is significant on £340 million of
turnover,” Mark says.
“The relationship with Santander has made it a lot
easier to grow... it’s great to be free to do the job.”
Chris Edwards, CEO, Poundworld
Seeing the light
The new banking arrangements have led to savings in other areas too.
Poundworld’s managers now have an opportunity to take a step back
to review the business’ operations in a bid to find new centres of profit
and cost-reduction. This new approach has resulted in a lighting refit
that will save the business millions of pounds over time.
“We can now concentrate on the business instead of worrying about
money-admin problems,” says Chris. “The relationship with Santander
has made it a lot easier to grow. For example, we took the decision
to install 76,000 six-foot LED tubes in our shops. The total cost was
approaching £1.8 million and we get a return on that investment in
about 18 months because of the energy savings. When you’re actually
running the business you have time to plan these things; it’s great to
be free to do the job.”
Company turnover: £340 million
Sector: Retail
Over 5,000 employees
Poundworld is a large, successful and growing chain of full-line
discount stores located across the UK.
The company’s existing finance package wasn’t fully able to
accommodate both Poundworld’s growth and its trade cycle,
which in turn put pressure on working capital and cashflow.
Santander took the time to understand the company and its
aspirations and delivered a tailored solution that properly
reflected the complexity, scale and potential of Poundworld’s
operations.
Through Santander’s personal approach to banking, the team
took a significant amount of time to understand and evaluate
what the business needed and what facilities would allow it
to grow.
As well as delivering significant cost and operational savings,
Santander’s support has provided a firm financial footing to
enable management to focus on strategy and growth.
Santander’s relationship approach, tailored solutions and three-
year committed facilities are helping the company to negotiate
better contracts and establish new growth channels.
In brief
Solutions delivered:
Day-to-Day Banking
Store cash collection
Financing: Committed Loan, Trade Import Loan, Asset Finance
International Banking Services
All lending is subject to status.
Santander Corporate Commercial is a brand name of Santander UK plc, Abbey National Treasury Services plc (which also uses the brand name Santander Global Banking and Markets) and Santander Asset Finance plc, all (with the exception
of Santander Asset Finance plc) authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our Financial Services Register numbers are 106054 and 146003
respectively. You can check this on the Financial Services Register by visiting the FCA’s website www.fca.org.uk/register or by contacting the FCA on 0800 111 6768. Credit cards are provided by Santander UK plc.
In Jersey, Santander UK plc is regulated by the Jersey Financial Services Commission to carry on deposit-taking business under the Banking Business (Jersey) Law 1991. Registered office: 2 Triton Square, Regent’s Place, London NW1 3AN. Company
numbers: 2294747, 2338548 and 1533123 respectively. Registered in England. Santander and the flame logo are registered trademarks.
Santander UK plc is a participant in the Jersey Bank Depositors Compensation Scheme. The Scheme offers protection for eligible deposits of up to £50,000. The maximum total amount of compensation is capped at £100,000,000 in any 5 year
period. Full details of the Scheme and banking groups covered are available on the States of Jersey website (www.gov.je/dcs) or on request.