Industry: Services and Technology
Product: IDeal™ invoice discounting with bad debt protection
Facility size: £1.3m
This business has been operating for 10 years within the renewables sector. Delivering software and data solutions for solar energy plants, they support ongoing plant management to keep energy output levels high. With consistent expansion they have successfully grown their client base over 6 continents as the global rise in alternative energy use continues.
The company use a suite of tools which include the use of drones to assess current solar panel performance and highlight any problems. Clients are informed of improvements needed and given ongoing support to increase efficiencies using the collected data and analysis. Due to the drones being unable to withstand wet conditions, the number of surveys undertaken in the autumn and winter months is significantly reduced creating fluctuations in activity.
The firm is beginning a stage of investment and growth, requiring funds to develop the products offered to existing clients and to attract new prospects. Working with new and unknown firms was also causing additional pressure as the current team sought to mitigate the potential risks of bad debt.
We worked together to identify the strategic corporate goals over the short and medium term and Close Brothers were able to support with a £1M invoice finance facility, £300k RLS top up and bad debt protection.
This allows for greater cashflow during seasonal fluctuations, whilst the government backed loan supports their investment plans. The bad debt protection gives additional peace of mind when entering into business with new clients, and the access to our in-house credit checks have given confidence to expand their customer base.
The company have experienced more stability using invoice finance, resulting in further funding for software development and continued success in supporting the growth of renewable energy for years to come.
