JML leaves GE Finance for Shawbrook Bank in £15m deal

JML has completed a £15million deal to move its stock and debtor finance to Shawbrook Bank.

Shawbrook Bank, a specialist UK Savings and lending bank, is replacing GE Finance, which worked with JML for 10 years, and will provide JML’s main financing facilities.

The £15m asset-based lending transaction combines a £12m invoice discounting line and a £3m stock facility.

Shawbrook Bank appointed new CFO Dylan Minto this month, who spent 11 years at KPMG before moving over to the bank.

JML is the UK’s biggest ‘as seen on TV’ and runs its own 24-hour TV home shopping channel, exporting to over 80 countries.

Ken Daly, CEO of JML said: “Shawbrook Bank, like JML, has very ambitious growth plans, and the move is a good cultural fit.

“JML has a strategic plan to double the size of its business over the next three years. Shawbrook will be instrumental in helping us to achieve this.

“We are looking forward very much to working together and are confident that this will be an excellent partnership.”

Tim Hawkins, Managing Director of Shawbrook Bank said: “Since launching in 2011, Shawbrook Bank has gone from strength to strength, and our new agreement with a major brand such as JML is testament to this.”