Enterprise Finance Europe (EFE), one of the UK’s leading asset-based lenders, has provided Comline, a major independent distributor of branded car parts, with a cash injection to help it accelerate past its competition.

Originally established in East Africa, Comline, which has offices in both North West London and Kent, has become one of the leading suppliers of branded European and Japanese car parts to the wholesale market since it was launched in the UK in 1991. It currently turns over £8m.

The company, which employs 25 people, is headed by Divyesh Kamdar and Nilesh Popat. It turned to EFE for a more flexible financial solution than its previous lender could supply.

EFE provided £2.45m worth of funding to Comline, consisting of £1.75m worth of invoice finance; £600,000 worth of stock finance and £100,000 worth of supplier finance. The additional capital will help the company to expand its operations to meet demand for its CTL and ETL branded range of aftermarket car parts.

EFE Regional Sales Director commented “EFE has a relationship with Comline stretching back five years. When the Kamdar family approached us to see if we could provide a more flexible funding package than was currently being offered we were only too pleased to help. We believe the solution we have put in place will ease pressures on its cashflow as it continues to grow.”

Adds Divyesh Kamdar: “We are delighted with the financial solution that EFE has provided. It gives Comline just the right headroom it requires as it looks to build its market share further both here in the UK and Europe.”