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Samir Benayad acquired a company supplying specialist high-tech electronics to a select number of clients in late 2020. To secure financing for the acquisition, he knocked on Xolv's door, as he already knew one of the partners personally. That move proved no unnecessary luxury. After all, due to the uncertainty during that first wave in the Corona crisis, banks and other lenders were by no means eager to proceed with financing.

Samir: "The company I took over had excellent figures and a well-filled portfolio of clients. Moreover, the company operates in a sales market that is not cyclical. So there were no significant risks or obstacles for potential financiers. In short, the business case was not to blame. Still, banks were reluctant because of the crippling uncertainty during that first Corona wave. Despite these difficult circumstances, Xolv still managed to get the takeover financed, because they cannot be taken for granted there."

Personally involved

What Samir particularly appreciates in Xolv is the high level of personal commitment. "My regular account manager sometimes calls even for no specific reason, just to ask how the business is going and to catch up. Very thoughtful and a pleasant way for both parties to keep a finger on the pulse."

'Xolv takes my financial worries out of my hands'

Always available

Xolv's flexibility and easy accessibility are also important to Samir. "Should something unexpected arise that requires a quick response, I can always count on them. They are entrepreneurs themselves so they understand that some situations call for a quick response. I can call them day or night, and with their experience and good contacts in the financial world, they always come up with an adequate solution. Xolv simply gives me the space and peace of mind to be able to focus on my clients and running my business. Everyone's business right?"

Founded in September 2020, Start-Up New Amsterdam Apparel holds the licence for Michael Kors' men's line for Europe, the Middle East, Africa and India. However, founder Niek op den Dries himself is anything but a starter in the fashion industry. For instance, he worked as a merchandiser (the pivot between design, sales and production) at PVH, the parent company of brands like Tommy Hilfiger and Calvin Klein. With his start-up, he did not have to start completely from scratch as he took over an existing business.

Factoring company

During the founding phase of his company, Niek started talking to Xolv on the advice of an industry peer, "who said: go and talk to Xolv because they are very good at finding financial solutions. By now I can only confirm that. Initially, Xolv helped me find a factoring company. Fred Soers was my sparring partner. I then started working with Erik Bolsius on credit insurance."

Long payment period

According to Niek, it is also an advantage that Xolv is well versed in the fashion industry. Niek: "For example, Xolv also has fashion group PVH as a client. So they know how the fashion industry works. Factoring in particular is very important for us to achieve sufficient cash flow and working capital, because our customers are large retailers in Europe such as El Corte Inglés in Spain and Zalando in Germany. They all have long payment terms, generally 90 days. So then factoring is no luxury to be able to plan and buy in collections."

Right time

Shortly before the Corona erupted in March 2020, Niek had already made the decision to start for himself and wrote the business plan for New Amsterdam Apparel. Asked whether it wasn't very risky to start a new company in the middle of the Corona crisis, Niek replied: "In fact, I think we started exactly at the right time because during such an exceptional crisis, you get a bit more leniency from all parties as the whole industry suffers. Moreover, we started with a modest number of not too big customers, so then you can only grow. Now that we have the licence from Michael Kors, we are all set to shoot out of the starting blocks as soon as the market picks up after Corona."

'Xolv understands how the fashion industry works, which is essential'

Corona and opportunities

Corona has really stirred up the entire fashion market. Niek: "Brand portfolios are being held up to the light. Where are new opportunities? Brands disappear, new brands appear. People are thinking about new concepts, brands and therefore agents. As a licensee of Michael Kors ourselves, we acquired 15 countries in an extremely short period. That would not have been possible in normal times."

Jip and Janneke

"What I like about Xolv is their personal approach. You can call them any time. And they do an excellent job of guiding you through a world and subject matter that is not your own. They are seasoned financials who explain how financial solutions work, so to speak, in plain language. Another nice thing is that, as an independent broker, Xolv does not push products but offers solutions," says Niek.

De Bouwmeesters is a nationwide temporary employment agency for the construction industry. They match skilled workers, both salaried and self-employed, to construction entrepreneurs, who are thus assured of skilled workers on the building site. At the same time, the construction worker is assured of well-paid and honest work. De Bouwmeesters thereby takes care of administration, payouts, collective labour agreement and pension schemes plus proper certifications. With the takeover in March 2021 of TMB Bouwservice B.V., the company is taking another giant leap forward.

TMB takeover

The Bouwmeesters staffing group has been in existence since 2012. Director Owner Henry Veugelink: "After taking over TMB, we have over 160 construction workers on our file for whom we mediate. As everyone knows, there is a huge shortage of construction workers, while the demand for good skilled workers is only growing. So I usually shout at lunchtime in the office: just close the doors and windows, otherwise we will be trampled underfoot," Henry jokingly adds.

Financing growth

For working capital financing, Henry has been using Xolv since August 2019. "We were able to finance the acquisition of TMB from our own resources, so we did not need financing for that. But after the acquisition, our turnover grew substantially and so did our financing needs. Until then, we always knocked on the bank's door but it, like all banks, applies strict conditions and is not very flexible. So it was time for a specialised broker. Around that time, a mailing from Xolv arrived. That story really appealed to us and that's how the ball started rolling."

Independent advisers

Henry: "Xolv's financial advisers are entrepreneurs just like us, so they think and act from their clients' interests. As independent advisers, they think in terms of solutions, not in terms of selling products. The latter is quite often the case with banks and insurers." Xolv advises De Bouwmeesters not only on working capital financing but also on taking out credit insurance. "After all, such credit insurance is a requirement of factoring companies and other lenders. You pay an annualised interest rate of 6% but then have 80% of the outstanding receivable in your account within one or two days. When you withdraw the amount, you then pay another piece of interest. That is perfectly manageable, especially considering the financial risks you are buying off with it."

'Occasionally I call Xolv just to catch up'

Personal click

In the beginning of the cooperation, Henry was naturally in close contact with Xolv, in this case with Fred Soers. Henry: "The accessibility and personal contact is very pleasant to work with. Fred and his colleagues respond quickly and flexibly and think along with you. And they are very accessible: you can just call them on their 06 number, even in the evening if you have a pressing question. You won't be able to do that at a bank. Now that all contracts are settled and running smoothly, those contacts are obviously a little less frequent. But as soon as there is something or you have a question, they respond immediately and come up with a solution quickly. Sometimes I call just for fun and to catch up. You only do that if there really is a click."