Industry: Temporary recruitment
Product: Invoice factoring with bad debt protection
Facility size: £750,000
This profitable temporary recruitment agency had used an invoice factoring service for a number of years, but significant growth meant that their previous providers were unable to meet their needs. They therefore chose to move their facility to Close Brothers due to the improved pricing and credit limit provisions offered.
The invoice factoring facility the recruitment business has with Close Brothers gives them access to 90% of the value of their unpaid client invoices as soon as they are raised. Our expert credit management team collects payments on their behalf, and then returns the balance, less an agreed fee. This allows the company to keep cash flow steady without spending lots of time chasing late invoices.
In addition, the company opted for bad debt protection. This provides peace-of-mind should a preapproved customer get into financial difficulty and be unable to pay their invoice.*
Overall, the company’s partnership with Close Brothers allows them to concentrate on the day-to-day running of the business, so they can fully benefit from the strong demand and growth they have been experiencing.
*Bad debt protection is subject to a valid bad debt/credit limit being previously sanctioned on the correct business. Terms and conditions apply.
