Quantum Electrical Distribution supercharges growth with £2m facility from Cynergy Business Finance
Electrical wholesaler and distributor, Quantum Electrical Distribution, has secured a £2m invoice discounting facility from Cynergy Business Finance (CBF) to support its regional growth plans.
Founded in 2018 in Crawley, West Sussex, Quantum was created to offer a unique, customer-centric approach to electrical wholesaling. The business specialises in aviation, renewable energy, industrial, commercial, residential and telecommunication sectors.
Given the business’s focus on renewable energy, a commitment to sustainability not only feeds into Quantum’s work with clients, but also its own operations. The business also aims to plant a tree for every order placed, and to-date has planted over 40,000 trees worldwide. Quantum is also transitioning its entire fleet to electric-power, and is set to be a fully-paperless operation by the end of the year.
A commitment to the development of its people, as well as the wider community, also drives Quantum’s growth strategy. Having grown its team to 26 people, its academy is a central pillar of its recruitment process. The academy aims to train people new to the industry, whilst also providing opportunities to homeless people. Since 2018, three people have successfully completed the programme.
Having grown the annual turnover of the business to in excess of £10m over their initial five years of trading, Quantum required a new funding partner that could provide the crucial working capital needed to continue delivering on its growth plans. Introduced by Turpin Barker Armstrong Accountants and Business Advisors, CBF were able to swiftly provide a flexible invoice discounting facility that could grow and adapt with the business.
With plans to double the firm’s turnover to £20m within the next five years, Quantum is looking to develop more branches across the South of England, having consolidated its flagship Crawley site. The business is also currently developing a new e-commerce site to diversify its sales channels.
Tony Jenner, managing director at Quantum Electrical Distribution, said: “We set Quantum up to offer an alternative within the electrical distribution industry. In just five years we’ve already made substantial progress in creating a market-leading service offering. Our mission to ensure sustainability runs through all our operations has also allowed us to create a meaningful, forward-thinking business.”
“Having previously worked with high street banks, CBF’s personable approach was a breath of fresh air. Given our need for flexibility and ongoing support to ensure we meet our growth targets, Maxine and the team were able to truly understand our business and build a flexible funding solution that aligned with this. I look forward to continuing this work over the coming years as Quantum continues to grow.”
Maxine Hennessy, corporate sales director at Cynergy Business Finance, said: “What Tony and the team have been able to achieve in the last five years is remarkable. By providing such forward-thinking services, and with a true passion for incorporating sustainable practices, the team has been able to create a market-leading proposition. We’ve been able to build a strong, honest relationship that will ultimately allow us to continue this great work together and allow Quantum to continue growing at pace.”
David Rutter, corporate finance manager at Turpin Barker Armstrong Accountants and Business Advisors, added: “The last five years have been filled with exceptional growth and meaningful action for Quantum, from its Academy programme to its sustainability efforts. Having outgrown its previous lender, it needed a funder that could support its next stage of growth and, ultimately, grow with the business. CBF were able to provide this, taking the time to fully understand Quantum and its growth strategy. With this new facility in place, I look forward to seeing Quantum move from strength to strength.”
