Mike has run his Haulage firm in West Yorkshire since 1996. Despite need to getting a strong handle on his finances during the recession, he has continued to grow the business. As his competition has fallen along the wayside, Mike has managed to get larger and larger contracts.
His problem was caused by his bank. He had the same overdraft limit that he had since the company had started, despite several requests for an increase.
In March 2014 Mike had an opportunity for a much larger contract with one of his customers, but needed to be able to show that he could fund it.
Mike tried to approach his bank again, but, knew it would be rejected and he would be wasting time. Time which meant one of his competitors may have taken the contract off him.
We quickly found a provider, in fact within 5 days Mike had his full debt factoring facility in place and ready to go.
With this in place, he was able to display his ability to fund the service to his prospective customer.
The new contract was signed within a few days, increasing Mikes turnover by a 32% overnight.