Industry: Food and drink
Product: Invoice factoring with bad debt protection
Facility size: £150,000
A successful brewery has secured an invoice factoring facility with Close Brothers to assist with cash flow and aid growth.
The business was performing well and had grown steadily in recent years, however an increasing number of clients were asking for longer credit terms. Due to limited cash flow, these requests were not always able to be accommodated, and the directors felt this was hindering further expansion. They therefore approached Close Brothers to find out how invoice finance could help drive the company forward.
Close Brothers suggested invoice factoring. The facility provides additional financial headroom and gives them the support of an expert credit management team. This means that the business can be more flexible with new contract terms and feel secure that funds owed will be collected in good time.
In addition, the company chose to take advantage of our bad debt protection product. This gives assurance that money will not be lost should pre-approved customers face difficulties and become unable to settle their invoice*.
*Bad debt protection is subject to a valid bad debt/credit limit being previously sanctioned on the correct business. Terms and conditions apply.