VANCOUVER, British Columbia, Canada – Bibby Financial Services Canada announces a successful partnership with Espro, a Vancouver-based coffee product company. The company first engaged with Bibby Financial Services in 2013, after developing its flagship product, the ESPRO Press.
The popularity of the redesigned French press led to a need for funding in order to distribute the product to a larger pool of customers. The funding also enabled the company to develop new products.
Espro obtained a $400,000 invoice factoring facility from Bibby Financial Services, which allowed the company to expand its customer base and product line.
Though Espro is based in Canada, the majority of the company’s customers are based in the United States. Because of Bibby Financial Services’s global footprint, it was able to seamlessly and quickly provide funds to Espro without engaging with the International Monetary System, which benefitted Espro.
“Working with Bibby Financial Services was a great business decision for us,” says Bruce Constantine, Espro president and co-founder. “It enabled us to double our revenue, employee base and inventory, and I can definitely say we wouldn’t be where we are today without Bibby Financial Services.”
Espro gained the financial stability to obtain a traditional bank loan, which is viewed as a huge success by both Espro and Bibby Financial Services.
“The fact that Espro found a niche and success in a saturated market validates the true innovation of its products,” says Leigh Lones, chief executive officer of Bibby Financial Services, Americas.
“At BFS, we pride ourselves on funding small and mid-sized businesses that need a jolt to take business to the next level. That Espro is now able to receive traditional funding is a great accomplishment for us, as well.”
The case study can be viewed in its entirety here.
