We were contacted to assist a large engineering business secure funding. With a turnover of £16m, the business specialised in metal, fabrication and installation for food and petrochemical sectors.
The company already had an existing Invoice Finance agreement in place, however, when their provider gave notice of 6 weeks on the facility, it was vital that another lender was found quickly. It was at this stage that we were contacted and tasked with finding a new provider who would be able to step in before the company’s current financial agreement ended.
A new lender who was able to provide a suitable credit facility was identified, the application process was entered into, and funding was secured.
We also provided a review of the company’s current debtor position and offered tailored advice and support. Furthermore, we are providing an ongoing credit control support service to the company to ensure same problems do not occur in the future.
“ When the company’s existing invoice finance provider called in the facility, we had only a short time in which to secure alternative funding for the business. Within the six week period available we were able to identify an appropriate finance provider and complete the application process ensuring a smooth transition between the new and existing lenders. ”Karl Hodson, Partner
16th September 2019
There was around a 25 per cent increase in the number of restaurant businesses entering insolvency over the course of the year to June 2019, according to the latest figures on the subject.Read More