Luminor finances SIA Centrum Europa with 1 million EUR

  • 2023-06-20

Luminor has granted 1.05 million EUR in financing to Centrum Europa, a wholesale distributor of school stationery and office supplies. The financing will be used to set up and maintain stock warehouse and to secure circulating capital.

SIA Centrum Europa distributes a wide range of high-quality stationery for schools and offices, and most of the stock is held in a bonded warehouse, which takes time to deliver goods to customers. The new property, which will be renovated and equipped to suit the specific nature of the business, will serve as an additional warehouse for the storage of goods.

“Centrum Europa is a niche player on a global scale with a broadly diversified customer base that has grown over the years from a small local company to an international market member. The company has a clear vision and ambition to expand its customer base abroad, which we are happy to support. With increasing globalisation and industrialisation, the production and trade of stationery has grown significantly. Such companies with potential are also a good support for Latvia's economic growth,” says Ilze Zoltnere, Head of Corporate Department at Luminor in Latvia.

The company sells school supplies – stationery, paper supplies, backpacks, craft materials for children, as well as office supplies – filing folders, cartridges, whiteboards, laminating equipment, etc.  Centrum Europa sells its products via an online shop and through sales agents.

“Over the years we have built up an excellent supplier and customer base, which gives us a strong position in the market. After lifting the pandemic restrictions, educational institutions and offices resumed their normal activities, which has also increased the demand for stationery. Our new warehouse not only enables us to serve our European customers faster, but also to serve customers with smaller orders more efficiently, so it's also important for us to renovate it and keep it in excellent technical condition and equipped to meet business needs,” says Valentin Kildiashkin, CEO of Centrum Europa.

 About Centre Europa

The company was founded in 2005. Centrum Europa cooperates with companies producing stationery and office supplies and receives its products directly from the manufacturer. Stationery under the Centrum trademark is produced in China, while other products are sold without a specific trademark.

About Luminor

Luminor is the leading independent bank in the Baltics and the third largest financial services provider in the region. We provide financial services to individuals, families, and businesses. Like our Estonian, Latvian, and Lithuanian markets, we are young, dynamic, and forward-looking.