Factoring a boost to cash flow
An asbestos removal contractor based in the North East looks set to treble its turnover to £1.5m after securing a factoring cash flow solution sourced through Hilton-Baird Financial Solutions.
The business was performing sufficiently well until late 2010 when its director decided his business required an immediate cash flow boost to help take the company that one step further.
The company had worked hard to establish the business at the forefront of asbestos removal and management and was constantly looking to find new ways to evolve. The business found they needed to boost cash flow to deal with extended customer payment terms, coupled with their own bills and overheads.
This is where Hilton-Baird was able to assist. Hilton-Baird acted swiftly and professionally to assess the needs of the business and introduced the client to two invoice finance and factoring providers willing to help.
With Hilton-Baird staying in contact throughout the process, the director made the decision to go with a factoring facility. And with access to working capital previously unavailable, the business has been able to win major contracts for long-term success.