Steel Fabricator
Suppliers of steel products, and on-site labour to blue chip companies. With sales expected to treble over the coming year and the bank refusing overdrafts, the director had turned to a factor for a solution 2 weeks earlier.
By the time we were introduced, he was still awaiting an offer and needed to pay his staff within 2 days. We arranged for a director of a local factor to visit the following morning. Recognising the urgency, he completed the paperwork during the first meeting and returned later that afternoon with the cash required to pay the staff.
In total, it took 23 hours from our introduction to our client receiving the money.
back to top Mobile Phone Accessories
A well-established business dealing in branded cellular phone accessories. They traded globally using common suppliers and customers, taking advantage of bulk product opportunities on cash on delivery terms. These transactions were largely funded using a trade finance facility but, they were looking for a facility to enable them to offer credit terms to independent UK retailers with sales forecasted to reach £1.8 million.
The business now has a factoring facility to enable it to offer credit terms and meet its challenging sales forecasts.
back to top Council Maintenance
A business, projecting £3m sales, providing house maintenance to County Councils and Housing Associations, initially declined by their banks' factor because they held a CIS certificate. Additionally there was a large percentage outstanding with one customer, which many factors are not keen on, even though this was a council.
Factoring was made available to the client, dramatically improving their cash flow, replacing a small overdraft facility; repaid from the first factoring money.
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