March - Deal of the Month
March continued to be busy with a number of new clients joining us across a range of markets and varying in the size and nature of the facilities. Below are some examples of the more interesting deals:
Market Sector: Car Bodyshop
Sales turnover: £1.5m
Funding Line: £150,000
Requirement: Selective Invoice Finance.
We have recently provided finance facilities to a Midlands-based car bodyshop. Although we were up against a number of other Invoice Finance companies, our offer of selective invoice finance with a single fee won the day. The directors liked the flexibility and the fact that they were only charged on the funds that were advanced - just like an overdraft.
Market Sector: Cleaning Contractor
Sales turnover: £5m
Funding Line: £300,000
Requirement: Provide facility that included credit control for over 400 customers.
This company had been offered Invoice Discounting but they desperately wanted assistance with credit control. Most Invoice finance companies were not willing to provide collections to such an huge customer base. But this is right up our street; we allocated an experienced credit controller who will work closely with the FD in providing a consistent and professional credit control service.
Market Sector: Recruitment – Start up
Sales turnover: Projected £3m
Funding Line: £50,000
Requirement: Provide working capital and back-office facilities.
We were asked to assist a recently established but fast growing temporary recruitment company. The challenge was that they only had one customer to start with. In view of our specialist knowledge of the industry we provided a facility with no restrictions on concentration and gave the client their maximum funding availability. We also provided a full back-office service via our PayFactory facility.