Case study: invoice finance helps energy firm to grow | moneyfacts.co.uk

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Michelle Monck

Michelle Monck

Consumer Finance Expert
Published: 19/05/2021

Invoice finance lender Satago recently helped Unyte Energy to scale its business by releasing cashflow to pay more installers and help it maximize returns from a new and large contract.


Unyte Energy was established in 2019 and is part of Unyte Capital Group. The firm aims to help households reduce their environmental impact and to tackle fuel poverty. They do this through a network of installers fitting energy efficient boilers and insulation.


Unyte Energy signed a £9m deal with one of the ‘big six’ energy suppliers to help it meet its requirements set by Government to help households become more energy efficient. The firm had achieved a turnover of £3m within just six months and now needed to make sure it could pay an expanding team of installers on time.

Why did the business need funding?

Craig Brown, Director of Unyte Energy, needed a solution to help the business ease cash flow as it scaled. He was particularly concerned with paying his growing team of boiler and insulation installers on time and so he contacted invoice finance provider, Satago.


“Our installers are hugely important to us. There are lots of companies out there who have given the ECO industry a bad name by not paying their installers on time. We’ve come in with the ethos that we look after our installers and pay them early. Using invoice finance was a no-brainer as it allows us to do that.”

How did invoice finance help Unyte Energy to grow?

Satago provided Unyte Energy with a single invoice finance facility with a current limit of £350k. This will give the firm access to funds when needed. The invoice finance facility from Satago is flexible, so the firm can choose which invoices to fund and only pays when it uses the service. As a result, Unyte Energy can work with more installers, accept more contracts with energy suppliers and grow its business.


Craig Brown said: “Invoice finance works for us. Satago is on the ball, we get our funds in quickly so we can pay our installers. It’s as easy as that! There have been installers who have approached Unyte Energy in the past that we’ve turned away. With Satago in place and running smoothly, we can go back to them and say, ‘come and work with us!’”

The result for the business

With Satago’s funding in place, Craig feels confident that Unyte Energy will hit £12m in turnover this year. 
Craig continued: “Satago gives us confidence that we can grow our business. We’ve had a great start to our relationship, and I can see them helping us build our group of companies. Loyalty and trust are huge for us and making sure that we have that with our utility companies, with our installers and with partners like Satago is really important.”
James Chetwood, Business Development Manager at Satago said: "We're delighted to be able to support businesses like Unyte through an important growth phase in a vitally important sector, in light of the government's commitment to improving household energy efficiency. Craig and the team have been a pleasure to work with and we look forward to our continued partnership."

 

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