£100k Facility Secured

Industry: Manufacturing
Turnover: £900k
No. Of employees: 6
Region: Lancashire

 

Overview of the Company: This custom paint and coatings manufacturer, which has been in business since 1976, was recently bought by an employee. He’s keen to maintain the long-standing tradition of quality and customer service which has allowed the firm to retain some customers for over 20 years.

Why they needed invoice finance: “We didn’t want an overdraft; we wanted the business to pay suppliers as it earned through sales. Following the purchase from the previous owners, the business needed an injection of working capital and invoice factoring provides this.

We also wanted to have a separation between the sales and credit control processes. The factoring facility also brings an extra level of professionalism and consistency to debt collection. The team are so busy meeting the needs of customers that it’s too easy to let credit control slip, which does not help with cash flow. Using an experienced invoice finance provider solves that problem.”Managing Director

How invoice finance helped their business: “If we did not use invoice finance, we wouldn’t have a business. Having invested capital in buying the firm, we need working capital to keep paying suppliers and staff, while waiting for customers to settle their bills. Invoice financing also takes the time-consuming credit control task off our hands.” Managing Director