UniCredit and Sanlorenzo have signed an agreement aimed at supporting companies within Sanlorenzo’s production chain. The agreement provides a credit line of €15m to finance the working capital of Sanlorenzo’s suppliers, allowing immediate access to liquidity through the advance of trade receivables due to the business. A further €5m is available for the supplier of Bluegame, a subsidiary of Sanlorenzo.
“In the first half of 2020, impacted by the pandemic and lockdown periods, demand for working capital grew exponentially in Europe. This type of agreement frees up capital and funds for businesses, stabilising supply and payment cycles and allows continuous access to credit based on the fundamental asset that is they strategic commercial relationship between suppliers and customers,” Simone Del Guerra, CEO of UniCredit Factoring.
Sanlorenzo is making use of a digital platform that allows it to pay its suppliers, uploading the invoices that it intends to pay on due dates. Suppliers, in turn, can access the platform and see in real-time the invoice the client company has recognised and approved for payment. Suppliers also have the ability to transfer invoices to UniCredit to obtain advanced payment. According to Sanlorenzo, “The result is the creation of a virtuous circle of liquidity, with positive effects on the entire shipbuilding economic change.”
“Our group has always supported Sanlorenzo, supporting its development from a financial and advisory point of view, including during its listing on the stock exchange,” explains Adrea Burchi, regional manager at UniCredit Centre North. “We are excited to continue on this path of growth, helping the company take a further step in the direction of the digitalisation of processes related to supply chain management, through U-Factor confirming. A solution that can meet the needs of the entire supply chain, bringing advantages for the various parties involved in the production chain and with a clear benefit for the local economy. UniCredit thus confirms its commitment to meeting the needs of businesses and guarantees its solid support for the real economy.”
“The agreement signed with a partner of excellence such as UniCredit has great value for all the artisan companies that work with Sanlorenzo, who have always enabled us to provide the best quality and highest level of customisation of our yachts,” comments Massimo Perotti, executive chairman of Sanlorenzo.
Throughout the COVID-19 global pandemic, it has become increasingly clear that the desire to engage with the superyacht market, on the part of buyer and guests, remains strong. Nevertheless, 2020 will have proved to incredibly difficult for a number of businesses. By continuing to support its suppliers with a line of credit, Sanlorenzo makes clear its desire to support that which forms the very foundation of the superyacht market – the artisans.
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