Case Study: Factoring At A Steel
Our clients are a very successful firm specialising in stainless steel fabrication for the food and pharmaceutical industries. They were winning more and more new business but found it difficult to fund the consequential increase in working capital.
Their bank was very supportive but unable to increase the overdraft facility without the directors giving further security. The directors were unwilling to pledge their houses and, in an effort to be helpful, their bank manager suggested factoring and introduced the bank's factoring company.
The company was growing quickly, their customer list was blue chip and their turnover for the previous year was just over £800,000. The offer they received had a factoring charge of 3%. Another client of ours suggested that the company contact us to get a competitive offer.
We were able to secure a confidential invoice discounting facility with a charge of just 0.7%. This saving equated to over £18,000 every year.
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