Facility size: £700,000
Product: Factoring and bad debt protection
The client is a recruitment firm specialising in temporary manual labour roles. The business felt that it had outgrown its existing financier and wanted to bring some elements in-house in order to reduce costs. Due to being in the process of moving offices there was also a temporary requirement for higher levels of working capital to cover new fixtures and fittings without impacting cash flow.
In addition to a factoring facility, the client opted to used bad debt protection in order to ensure the business is covered if any credit approved customers are unable to pay their invoices.