Product: Invoice discounting
Facility size: £350,000
The firm has been manufacturing and supplying the British and European industry with high temperature cables for 30 years. It was in an unfortunate position and was placed into administration due to the failure of its parent company. The owners therefore needed finance to start as a new business and put measures in place to guarantee healthy cash flow in the future. They had previously used an invoice discounting arrangement with another provider, however this financier could no longer support them, given the change of circumstances. Close Brothers took a different approach and could see that it remained a viable company on a standalone basis, with sound projections and a solid business plan. An invoice discounting package was agreed which now supports the organisation as they move forward with expansion plans and new business opportunities.