Product: IDeal with Bad Debt Protection
Facility size: £450,000
Trading for over 30 years, our client is a leading supplier to the hospitality sector.
The firm wanted to move away from its current funding provider and turned to Close Brothers Invoice Finance for a facility that offered an opportunity for growth and higher levels of customer service excellence.
The client was seeking a provider who had a strong understanding of their business model and future growth requirements. Despite being up against strong competition, which included the incumbent financier, the team worked tirelessly to tailor a package that would help the organisation reach its business and growth aspirations.
Close Brothers’ IDeal technology was also a real plus point as it automatically reconciles invoice finance payments – removing the need for manual reconciliation and additional administration.
In addition, bad debt protection was put in place to safeguard any risk of potential bad debt from customers. Besides providing cover against any credit approved customers getting into difficulty, the company can rely on Close Brothers’ expertise to help make them informed decisions about new customers.
By working together and taking the time to fully understand the business and objectives; Close Brothers have been able to provide a flexible and efficient solution to enable the growth plans of the business.