European distributor of refurbished mobile phones Phoenix Cellular has received a £10 million funding facility for international expansion from Praetura Commercial Finance.
The distributor has recovered over a million handsets to date, has contributed to the circular economy and has operations in the UK, Hong Kong and the Netherlands.
Phoenix Cellular is aiming to remodel its customer base, increase sales to more international markets and create a greater online presence, so turned to Praetura to help fuel growth.
Praetura spent time understanding the business and its sales cycle, logistical challenges, and distribution plans and the new facility will help them to grow internationally.
Praetura Commercial Finance commercial director Stuart Bates said: “We want to empower entrepreneurs through relationship-led lending that ensures the business’ needs are put first.
“Phoenix Cellular now has the flexibility in its finance facility to confidently pivot sales online and take advantage of its wide-ranging opportunities for growth across Europe.
We look forward to working with their team in the coming years.”
