Product: IDeal™ invoice discounting
Facility size: £500,000
This profitable supplier of sports and nutrition products required fast access to working capital on an ongoing basis. After some research, they concluded that a Close Brothers Invoice Finance facility could help to meet funding requirements.
Following an initial meeting to understand the business’ objectives, we recommended invoice discounting. This provides access to a percentage value of unpaid customer invoices as soon as they are raised. The business continues to liaise with customers to collect payments as usual, so the source of finance can remain completely confidential.
In addition, the firm chose to use our IDeal™ platform. This provides a live view of their account, and the ability to draw down cash from raised invoices at any time and from anywhere.
From day one, the wholesalers received an immediate cash injection, as well as ongoing access to working capital that grows in line with the value of their sales ledger. The facility has made it easier for the business to predict income dates and improved cash flow.