Bristol-based mechanical engineering firm, with a turnover of £1.5 million, has been able to continue trading – saving all 22 jobs – thanks to a full factoring facility worth £200,000, brokered by Reach Commercial Finance.
In addition to negotiating and securing a deal, the team at Reach supported the client throughout the entire process – giving them confidence that a suitable funder would be found that understood the contractual nature of their business.
The invoice finance facility sourced by Reach Commercial Finance, is designed to maximise cash flow by releasing the funds tied up in unpaid accounts. It’s a well-established source of funding that directly grows in proportion to the company’s turnover – helping many UK SMEs confidentially turn unpaid invoices into cash in the bank.
By using invoice finance the company was able to release funds from their unpaid invoices, which would allow them to focus on the day-to-day running of the business, safe in the knowledge that credit management specialists were looking after collection of payments.
The company’s decision to appoint Reach Commercial Finance as their preferred partner was based on the time it spent at the outset getting to know them and its subsequent speed and efficiency in identifying and meeting with the most suitable potential funders.
This was an important factor for the client and their advisers – stipulating that the funder must be co-operative and understand the mechanical engineering sector in which it operates.
Reach Commercial Finance liaised with three funders before appointing Bristol-based Castle Business Finance as the most suitable lender. Then with broker, funder, adviser and client working collaboratively, the best and most flexible funding solution was secured.
Robin Goddard, of Reach Commercial Finance, said: “We place real importance on the relationship between lenders and clients and ensure that we fully understand exact requirements from the outset.
“This means that, as independent advisers, we can find the most appropriate solution from our extensive contact-base. It’s this approach – and the trust that it engenders – that secured our appointment by the company. Spending the necessary time to understand their requirements at the start of the relationship meant that we were able to source the most suitable funder – and the most appealing deal – very quickly.”
Company director: “We chose Reach as our commercial finance broker after discussions with a number of lenders. It was a decision based as much on its agility and speed of response as the time the team took to really get to know us as a business. Add to this their relationships with lenders – and the number of contacts they have – and they quickly find a funding match that was right for us.”
Reach Commercial Finance has completed over 500 transactions and raised more than £250 million in finance over the last three years alone.
Reach Commercial Finance is the debt finance service provided by Leonard Curtis Business Solutions Group (LCBSG). An independent financial brokerage, Reach helps limited companies and corporate entities secure funding. It works with businesses of all sizes – from start-ups to PLCs with a turnover of over £50million – to raise finance, fund acquisitions and much more.
For more about Reach Commercial Finance, visit http://reachcf.co.uk/or call 0800 993 0193. To find out what more clients and partner lenders think of Reach Commercial Finance, click here.