Working with mainly clients from the food industry such as the Hummingbird Bakery, Lola’s cupcakes, al enam and Little Moons, Renwear Limited provides not only laundry services, but also workwear and other rental services such as tea towels, lockers and mats. Their garments comply fully with all relevant food industry regulations and are up to full customer satisfaction. They are continuously growing and so the funds raised for this campaign will go towards stock and client acquisition and renewal.
Bespoke collaborative solutions for your needs.
Our mission is to be recognized as the quality leader in the food industry. With our bespoke uniforms, we also offer to create logos for our clients, with all the look and feel needed to ensure our clients get the best out of our services. This includes colour, style and fabrics.
We concentrate purely on our sales and service, so our customer service is second to none which is something that our clients discover every day.
As a business, we do not operate on a transactional approach, we focus on creating meaningful relationships that are long-lasting and mutual with each client. Collaborative working is the key to our success and in creating the best solution for each project. Our custom rental packages offer a broad range of custom logo and non-branded work apparel as well as corporate casual wear. We are continuously innovating and seeking the best technology for our services as our ultimate vision is to shape the work-wear industry into a better future. For this reason, we have been able to acquire some well-known clients such as Hummingbird Bakery, Lola’s Cupcakes, Hermolis, Pots, and Allied Bakeries.
Our company is continuously growing and the demand for our services is increasing, so the funds for this campaign will not only go towards client renewal and acquisition but also towards stock purchase.
Renwear has not been affected by the impacts of COVID-19 as the bulk of their clients are in the food industry. During the pandemic the takeaway food industry which has grown significantly and continues to grow
Credit Risk Comment:
The director is providing a personal guarantee, this means that if the business fails the director becomes personally liable for the loan. The director is not a homeowner, this does not ensure there are sufficient assets should the loan need to be recovered. There have been no CCJs for the business or directors. Their bank account operates mostly out of the overdraft, occasionally going over their limit, however closing the day within their limit. This, along with non-homeownership, has resulted in the higher interest rate. Even though the business operates close to their overdraft, having reviewed management and statutory accounts, they demonstrate affordability for the loan. We questioned the business about the management of the bank accounts and they responded confirming that they have only closed the business day having exceeded their limit once in two years and acknowledge the importance of not closing over their limit.
Where will the funds go?
"Bespoke collaborative solutions for your needs."