Industry: Engineering
Product: IDeal with bad debt protection and RLS top up facility
Facility size: £660,000
Founded in 1982, the family run business is a well-established supplier of plastics, rubber, and foam, in addition to offering precision engineering services. Over the years they have experienced steady growth and have made sound investments in machinery and premises. This has enabled growth and expansion of the range of products offered to customers.
Due to the pandemic, the company saw a reduction in turnover. However, as markets recovered, the business returned to profitability, having initially found it challenging to absorb increases in costs causing a higher usage of their previous working capital facility.
As a result, the business switched to a larger facility with Close Brothers Invoice Finance. This will support the ongoing need for fluidity in working capital requirements and helped manage the continuously changing supply market.
This has enabled the business to efficiently manage their operations and facilitate future growth.
Overall, invoice finance can be a valuable tool for businesses that are looking to grow and expand. By providing access to the funds they are owed quickly and efficiently, invoice discounting can help businesses to invest in their future and take their operations to the next level.
