Quick solutions for urgent need – Southeast Construction & Recruitment Ltd
The time delays often associated with trading on credit terms can mean that businesses struggle to meet their own commitments whilst they wait for payment from their customers.
When faced with extended payment terms, our client needed to quickly secure a funding facility to help them bridge the gap.
Southeast Construction & Recruitment Ltd are a specialist recruiter for the construction industry, that helps businesses to find successful employment partnerships, whether contract or permanent.
When two key debtors changed the credit terms they impose on their suppliers from 7 to 60 days, the business urgently needed to find a funding solution in order to bridge the cash flow gap and meet their payroll commitments.
Upon contacting our team, the business had 8 days to secure a new facility, given the payroll schedule.
With extensive experience sourcing funding for the recruitment industry, and access to decision makers at over 70 invoice finance companies, we were able to quickly match the client with three potential funders who we felt would be best suited to the business.
After assessing their options the client opted for a £50,000 recourse factoring facility because they felt confidence in the service that would be provided and the speed in which the facility could be set up.
Equipped with their new factoring facility our client is now able to access cash against invoices as and when they are raised, allowing them to bridge the cash flow gap between providing a service and getting paid so they can meet their own commitments with ease. The facility also comes with a dedicated sales ledger management service, leaving the business time and resource to focus on other aspects of their day-to-day activity.
Managing Director, Steve Marney, said: “The team at Hilton-Baird were prompt and efficient. We were really impressed with the speed at which we could get a facility in place – they recognised and related to our situation and worked with speed and efficiency to get us up and running on our new facility. We’re now able to meet our commitments, without worrying about when our clients will pay.”
If you are in a similar situation and need help unlocking funding, contact Hilton-Baird Financial Solutions today on 0800 9774833 or firstname.lastname@example.org to see how we could help. Alternatively, get a quick quote now to see how much you might be able to access.