Wells Fargo Capital Finance (UK) Limited, part of Wells Fargo & Company, provided a working capital financing solution to City Electrical Factors Ltd (CEF), the United Kingdom’s leading electrical wholesale network.

Acting as the sole lender, Wells Fargo Capital Finance provided a five-year £150 million asset-based credit facility that will provide liquidity for the future strategic growth and working capital requirements of CEF.

“This new credit facility provides us with additional financial flexibility to execute on our strategic vision and our core mission to exceed the expectations of our customers. Through organic and acquisition-related growth and key focus on digital transformation, we can continue to put our customers first, whether it be at one of our many store locations or through our full service online offering,” said Charlie Beddows, CEO of City Electrical Factors. “We thank the Wells Fargo team for their seamless and efficient execution through this process.”

“We are delighted to have delivered to City Electrical Factors a credit solution that is tailored towards their strategic business initiatives,” said Julian Osborne, director with Wells Fargo Capital Finance UK Originations. “The flexibility of our ABL product is a great fit to support CEF’s continued growth.”

Founded in the United Kingdom in 1951, City Electrical Factors employs 7,500 people across more than 1,000 locations throughout the United Kingdom, North America, Ireland, Spain and Australia.