Barclays has opened a £1.3mn working capital facility with a British cosmetics company.

CID Cosmetics will use the capital to buy overseas supplies and will be enabled to hold additional stock and take more orders as a result.

The company sells cosmetics and grooming products on a retail and wholesale basis to clients as far afield as Denmark, Thailand and Saudi Arabia. Founder Kelly Colman says: “We are absolutely delighted that we have secured new funding with Barclays. This will enable us to manage our supply chain ensuring we have the correct stock levels to supply demand but to also grow into new markets where we have great distribution partners ready to take on our brand. Exciting times lie ahead!”

Barclays’ trade and working capital originator Peter Leslie says: “Our relationship with this client is still relatively new, but our understanding of the trade cycle enabled us to quickly identify the type and level of financial support which was right for the business. With a growing overseas business the need to manage the cycle and manage cash efficiently will only increase.”