The UK’s largest wholesale distributor of pre-owned iPhones has received a £4 million funding package from bank NatWest.

The funding will enable the Watford-based family business Electrade 247 to implement an invoice finance facility that will improve cashflow and the option to offer new and existing customers improved payment terms.

As Apple’s third largest client for used iPhones, Electrade 247, which is part of global Sunstrike International, provides products and solutions for all mobile devices and accessories. Launched by the Singh family, the business has a head office off Tolpits Lane and employs a team of 10 full-time staff which it hopes to grow over the next 18 months.

Paramjot Singh said: "At a group level, Sunstrike International is underway with ambitious growth plans to maximise our presence in all corners of the world. The funding provided by NatWest will help accelerate our UK-footprint and gives us confidence to purchase more devices, given the extra liquidity we now have within the business.

QAs a family-run firm founded in 1997, we are incredibly proud to see the organisation continue to go from strength to strength. We hope to introduce similar financing facilities from NatWest Group as we see the commercial value it is bringing to Electrade 247."

Angus Wetson, commercial business development manager at NatWest, added: "The scale of Sunstrike International’s presence in the mobile-device sector is truly unrivalled, and we are proud to have supported Paramjot enhance the UK-arm of the business.

"Invoice financing is a simple way to improve cashflow within businesses and will help Electrade 247 offer customers enhanced payment options, and in turn, attract a larger customer demographic. We look forward to seeing the business continue its success."