Keeping cash flowing – Astringo Commodities Limited
Securing an invoice discounting facility helped Astringo Commodities Limited to keep their cash flowing, invest in wider products and increase sales by 40%.
After a successful few years, IT wholesalers Astringo Commodities Limited, founded in 2008, had begun offering credit terms to their customers and needed to bridge the gap between the issuing of invoices to receiving payment.
Upon speaking to his bank at the time, Managing Director, Simon Powell, was unsure whether they were the correct option for what his business needed.
Simon ultimately contacted the Hilton-Baird Financial Solutions team in search for a suitable funding solution to allow Astringo Commodities Limited to keep growing.
After taking the time to understand what the business needed, Hilton-Baird introduced Simon to a number of funders willing to offer a solution for his cash flow concerns. Subsequent to weighing up his options, Simon took up an invoice discounting solution from a funder that ticked all the relevant boxes for his business.
He said: “We chose our funder for a number of reasons. Firstly we were introduced to the decision maker rather than going through any sales pitch. Additionally, the fact they were both upfront and honest showed they cared about doing right by us.
“Secondly, they understood how a small, up-and-coming business works and showed a refreshingly flexible and commercial attitude that seems to be missing with some banks or lenders.”
Since the invoice discounting facility has been in place Astringo has secured ongoing business with some of their larger customers, as well as being able to reinvest the cash into wider products that has resulted in a 40% increase in sales.
“The invoice discounting facility we have has helped us to move forward and removed the cash flow worry which means we get to move forward as I see fit,” said Simon. “Contacting Hilton-Baird was the catalyst my company needed to grow. Their knowledge of the industry was second to none and helped find the perfect funder for me.”
To find out more about Astringo Commodities Limited, visit www.astringo.co.uk.
To see how much your business could access through invoice discounting get a quick quote. Alternatively, contact us on 0800 9774833 or email@example.com to speak to one of our funding consultants.