This small catering business started in the family kitchen 8 years ago, has expanded to a 10 employee company operating 4 vans in the Manchester/Salford areas supplying the two large universities, premier league sides and many city centre businesses.
With few assets their bank would only provide them with a £2k overdraft which wasn't much use in supporting outstanding invoices of £20k/£25k. The directors wanted to expand the business further and realised they needed a flexible working capital facility which will grow with the business. They were concerned about the cost of factoring but we were able to introduce a factoring provider whose service charge cost of only £200 per month.
Thanks to fees set to made this a cost effective invoice finance facility the business is now growing at 20% per annum.