Overview: Committed, predictable liquidity - structured around your business

Gardenia Technologies runs an independent, full-service financing desk for receivables financing programmes. We leverage our position as a non-bank arranger, proprietary data platform, structuring expertise, and network of global funders to deliver tailored financing solutions backed by the world’s leading financial institutions.

Our Receivables Securitisation Programme is structured around a bankruptcy-remote Special Purpose Vehicle that purchases receivables from the seller and finances them with committed funds raised from banking partners or institutional investors

The programme is designed to replace uncommitted, reserve-driven programmes with a single-rule-based programme where the cost stack is explicit and where deployable liquidity is structurally higher and more stable.

Headline Benefits

1. Committed, Stable Funding

The programme is structured to deliver stable, long-term liquidity. Committed for a defined multi-year term, it cannot be withdrawn except in the event of a predefined programme breach, eliminating de-financing risk and month-to-month funding variability.

2. Higher Deployable Liquidity

With a fixed advance rate, rule-based eligibility criteria, and automated daily funding, the programme improves the consistency with which financed receivables are translated into deployable cash. The result is a materially higher and more stable funded balance, delivered consistently across the term.

3. Minimal Operational Burden

Gardenia manages all operational, reporting, and compliance aspects of the programme on behalf of the client. Client teams shift from daily active operators to reviewers of a managed service. This model supports scaling without a corresponding linear increase in internal overhead.

4. Off-Balance Sheet Treatment

The programme’s robust “true sale” structure supports derecognition under IFRS 9, providing a well-documented path for achieving off-balance-sheet accounting treatment. This stabilises leverage metrics and preserves flexibility for future capital markets processes or refinancing events.

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Day-to-Day Operations

Gardenia manages all day-to-day operations on behalf of client's internal teams - acting as Programme Manager, Risk Manager, Calculation Agent, and Trade Credit Insurance (TCI) Calculation Agent.

Using our proprietary, purpose-built platform, we ensure the programme is run to the highest market standard, in full legal, regulatory, and contractual compliance. Client treasury and finance teams focus on oversight, supported by reports and dashboards to track performance and preemptively act on upcoming issues.

How Treasury Typically Operates - The Baseline

Under traditional factoring and receivables purchase stacks, finance and treasury teams are actively involved in the daily operation of multiple facilities.

Typical activities:

• Preparing and manually uploading invoice files to multiple bank/factor portals.
• Managing submission calendars (weekly, bi-weekly, monthly).
• Monitoring reserves, de-financing events, reserves, Trade Credit Limits, and blocked accounts.
• Reconciling cash-in-transit and resolving discrepancies under time pressure.
• Responding reactively to bank queries and ad hoc information requests.
• Firefighting de-financing events.

This model is labour-intensive and does not scale cleanly with growth or complexity.

‍How Treasury Operates In A Gardenia Securitisation

Execution shifts to a managed, automated process; Treasury focuses on oversight and control.

Typical Activities:

• Automated invoice uploads to a single platform.
• Automated daily submissions.
• Oversight of programme performance metrics.
• Review of management reports.
• Decision-making when performance thresholds are approached.
• Coordination with auditors, legal advisers, and Programme Manager.
• Control of collection bank accounts and relationships with and collections from clients.

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Client Story: £90M in Covenant-Compliant Receivables Financing

A PE-backed global media group sought £90M to fund operations and an ambitious growth plan. The Group faced complexity: operations spanning multiple jurisdictions, several pre- existing financing agreements, and a team with limited bandwidth to manage the daily operations of a new facility.

Complexity at every turn:

1. Fragmented Data: Receivables data scattered across 5 ERPs, 1 TMS, and 1 CRM - no single source of truth.

2. Covenant Constraints: Pre-existing debt covenants that any new financing structure could not breach.

3. Speed and Stability: Immediate capital access needed alongside multi-year structural stability.

4. Zero Disruption Appetite: No tolerance for operational disruption, added complexity, or changes to workflows. 

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The Group needed a solution that would work with their existing debt covenants, minimise disruptions to their operations, and leverage their complex global receivables data to access best-in-class terms. The Group undertook a rigorous comparison of funder proposals, comparing them across cost of capital, durability of funding, balance sheet treatment, and operational impact

Core Decision Criteria

The Group wanted a programme that would deliver on the following criteria:

• Off-balance sheet treatment
• Non-recourse
• Undisclosed
• Automated daily management
• Real-time reporting
• Multi-jurisdiction support

Gardenia Technologies was selected to design and implement a bespoke Early Pay Receivables Securitisation Programme. The programme delivered across each of the core decision criteria and delivered £2.6M in annual capital efficiency versus the competing offer.

The programme was structured with several innovative features, including a bankruptcy remote SPV to enable off-balance sheet treatment, non-recourse protection against defaults, and accommodated non-assignable receivables through a trust structure.

The programme delivered £90M in receivables finance, with competitive rates, and zero impact on existing debt covenants.

The numbers that tell the story:

• £90M: Facility Limit
• 90%: Advance rate on eligible receivables
• 3+1 Years: Committed term with a 1-year extension
• Zero: Impact on existing covenants
• 6 Markets: UK, USA, EMEA, Australia, Japan, Hong Kong

The right programme starts with the right conversation.

Talk to the Gardenia team about what a receivables finance programme could look like for your business. 

gardeniatech.com/book-a-demo

contact@gardeniatech.com

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