Learn how Burnell & Son leveraged Myos stock financing to stabilize and grow their business amidst the pandemic
Turnover in 2022
First contract signed
In the middle of the pandemic, Burnell & Son have just switched their production from Turkey to Bangladesh because of price and quality advantages. The problem was that they needed to order full containers, since otherwise the transportation costs would have been too high.
At the same time, the price of cotton increased dramatically — the factories in Bangladesh didn't have enough capacity since a lot of brands moved from China to Bangladesh, thinking that supplying from China would be risky amidst the pandemic.
“I knew that whatever I ordered back then for the price would benefit me in the future.” - says Ahmet. “Additionally, I was selling only on Amazon before. In 2021, I opened up to new channels so I knew I would be selling more. Based on this situation, I knew I needed more financing to get a good price and have enough in stock for growth”, he adds.
Burnell & Son’s requirement was a loan that was not fixed on monthly regular payments and also allowed for a longer repayment time. Since most lenders finance between 3-6 months and require monthly payments, the choice fell to Myos, which allowed them to cash out the goods that the company had paid for already.
Ahmet explains it: “I had plenty of paid stock so this was a nice asset for financing. I know that other regular banks like Volksbank offer this as well, but from my experience it takes so much time and most of the time they don’t want to give this kind of financing to new companies or ecommerce stores. ”
“Myos is now the strongest partner in my financing structure and without your straightforward process I would not be able to grow the way I plan to grow with you. Next year, with your help, we can continue to grow up to 80% without new major product launches, with over 10% EBIT on €5-6m revenue in 2023. ”
“Myos was the first lender that I know that offers this service in such an easy and flexible way. This year I could triple my business in terms of turnover and broaden my portfolio, and I think Myos takes a big part in enabling this”.