The John Forsyth Shirt Company Inc.
$7 Million Asset-Based Lending Facility
Toronto – We are pleased to announce that we recently granted a $7 million asset-based lending facility (accounts receivable and inventory) to The John Forsyth Shirt Company Inc., a 113 year-old Mississauga-based manufacturer and importer of high quality dress shirts for men.
Founded in 1903, John Forsyth has made its name in premier shirt making over the past century. Having started out mainly as a manufacturer, the company’s business model has shifted over the years to focus mostly on importing. The company sells its shirts under the John Forsyth and Forsyth of Canada labels to major retailers as well as independents across North America.
John Forsyth was financed by an asset-based lender based out of the United States who decided to wind down operations and eventually exit the lending industry. John Forsyth was looking for a new lender who could quickly and efficiently provide a facility.
As we had confidence in the company’s management and in their ability to increase sales figures and profit, it allowed us to put out an aggressive offer with high advance rates on accounts receivable and on inventory, resulting in a total facility of $7 million with a limit of $3.5M on inventory.
This transaction is indicative of the capacity that we have to meet the needs of companies that are growing or are in transition mode. We are proud to be helping John Forsyth, a company with a long-standing history.