Firm finances put PAD on track
The owner of a publishing company has successfully built up his business through the recession by using the services of invoice finance broker Cashflow UK.
Kenneth Booth set up his first firm, PAD (Property and Development) Publishing, in May 2009 after working eight years in the industry.
Mr Booth, of Holmfirth near Huddersfield, wanted to regulate cashflow and to avoid having to chase up payments, so he approached Cashflow UK to help him find a provider which would be the right match for his business.
Mr Booth said: “I saw factoring as a good gateway in the economic climate because it would help sustain my turnover.
“Most start-up firms need financial support to pay staff and invest in infrastructure and many owners struggle to find the time to deal with invoices.
“I found Cashflow UK on the internet and after an in-depth telephone conversation they took time to understood my requirements and put me in touch with a factoring firm which could fulfil my needs.
“They organised everything, from sourcing the correct provider to arranging the initial meeting in my home.
“My job is to ensure the clients receive a copy of the magazine while the factoring firm deals with managing the invoices.”
Factoring offers a flexible way of improving cash flow and releasing money tied up in outstanding invoices. It takes away the time-consuming task of chasing and collecting payments.
PAD has now produced two copies of the quarterly trade publication and has six staff.
As the magazine is free, it relies on advertising to produce an income. The funds advanced on invoices as soon as they are issued means that PAD is able to cover costs such as printing and paying the wages on time.
The constant cash flow has also enabled PAD to invest in a new interactive website www.padmagazine.co.uk
Mr Booth added: “Using Cashflow UK’s services has meant that I could move the business in the right direction. Factoring is one item that the company could not do without in this economic climate.”
