Industry-specific solutions – Sports Alliance Ltd
Regardless of recent success, companies will face a race against time to secure a new funding facility should their current funder decide it can no longer support their line of business.
With many lenders tightening their lending criteria, businesses that fall outside the traditional sectors are often having funding withdrawn despite ongoing profitability. This became a very real problem for Sports Alliance Ltd, who had enjoyed considerable growth during the time it had used factoring before the funder decided to withdraw the facility.
Director, Anthony Khan, explained: “We’d been using factoring for four years but our funder decided they were no longer interested in factoring companies like ourselves who offer intangible software products.
“They were difficult circumstances – over the time we were with them all of our figures actually improved, but if they decide they don’t want to continue funding companies like ours that’s their decision.”
Established in 2002 and with a healthy turnover of £600,000, Sports Alliance provides software to more than 20 high-profile football clubs to help track supporter activity for marketing purposes, and, as with any business, relies upon a steady flow of capital to grow.
Aware of the importance of effective cash flow management and the benefits that factoring provides in aiding this process, Anthony therefore set about finding a replacement funder willing to support his business.
Hilton-Baird used its expertise within the commercial finance market to quickly source tailored factoring solutions that would give Sports Alliance the best possible chances of growing despite the ailing economy and, having evaluated the options presented to him, Anthony chose the one he felt would suit his business best.
“We chose our new funder because they were relatively small and very helpful when I spoke to them. They offered us a great opportunity, and now we’ve secured it we’ll look to steadily grow the business over the next 12 months.”
He continued: “Hilton-Baird did a great job! They found two potential funders for us so, using this information, we were able to choose the one we believe will help us grow the most.”
For more information on Sports Alliance Ltd, visit www.sportsalliance.com.
If, like Sports Alliance, you’re looking for a funder that understands your line of business Hilton-Baird Financial Solutions could help. Call us today on 0800 9774833 or email email@example.com to speak to one of our funding consultants. Alternatively, get a quick quote to see how much funding your business could access with a factoring facility.