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Standard Wool secures extra working capital for Chilean subsidiary
31
Jan '11
A Bradford-based wool processing and trading company has increased the working capital of one of its subsidiaries abroad under the funding deal that was signed a year ago. The funding deal has helped it to expand its base as well as secure its future.

Standard Wool UK, located in Clifton Street, Bradford has obtained a loan of £2.4 million for its subsidiary Jacomb Hoare & Co in Chile, which was founded way back in 1793.

When there were talks on a management takeover by Standard Wool, it was Grant Thornton which has been associated with Standard Wool since 2005, had suggested the name of Jacomb Hoare in the first place.

The loan is likely to increase the working capital of Jacomb Hoare & Co so that it can fulfill the requirements of the international wool trading sector and also set up a business with a funding associate in Banco de Chile.

Fibre2fashion News Desk - India

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