Craig is co-Director of a plastering company in Yorkshire. Due the recession his overdraft had suited him nicely business had slowed, so he didn’t want to overextend himself. His competitors were closing throughout the recession, some due to debts, some just got fed up and decided to Liquidate.
As the recession ended, work start picking up again. In order to fund taking this work on, Craig went to the bank for an extension on his overdraft. Unfortunately the bank turned him down.
Craig began to look at Debt factoring as a solution to his problem. It gave him a truly flexible finance facility, that would grow as he grew. He knew he could secure the new contracts, safe in the knowledge the money would be there to fund his business.
Steph owns a computer games accessories supplier in the South West. Over the years they had developed a stronger and stronger overseas presence. As their overseas customers were use to longer payment terms they had an increasing hole in their cash flow.
Invoice Finance has presented itself as an option before, however, as more and more of their customers were overseas they needed a provider who could offer a truly international service. This is where the problem lay. Many providers offer little in the form of truly International support. With our experience we were able to ensure that Steph linked up with an Invoice Discounting provider that actually understood her marketplace.
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.