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2021 is set to be another difficult year for businesses as the Coronavirus pandemic causes disruption to trade and cashflows. Previously successful and growing businesses are facing the prospect of losing clients or clients experiencing financial difficulties. This can cause disruption to cashflow, issues for existing finance agreements and interrupt longer term business plans. Invoice finance can provide a bridge and access to quick finance to help ease cashflow.
We have spoken to one lender and one broker about their experiences of firms experiencing disruption due to a loss of a client and how invoice finance helped their cashflow.
EasyRecruitUK.com received a £1.5m invoice finance facility and a £250,000 Coronavirus Business Interruption Loans Scheme (CBILS) loan from specialist lender, Ultimate Finance. The firm had experienced impressive growth and had been scaling its operations. Their cashflow was impacted because of a client experiencing financial issues. This also impacted their relationship with their long-standing bank funder. The Coronavirus pandemic then further impacted their turnover, compounding the issues with their bank funder. The result was a viable business needing to find a new funding arrangement.
The agreed invoice finance facility will help the long-term cashflow issues of the business, with the funds from CBILS allowing the firm time to rebuild their sales pipeline.
Kenny MacNeil, owner of EasyRecruitUK.com comments:
“With our previous bank funder, we were experiencing cashflow pressure due to large reserves being held against certain key Clients due to external factors which didn’t give us the cashflow headroom required to navigate this challenging period. We required a partner who understood the challenges we faced and was flexible enough to not only allow us to keep trading confidently but also invest in the future of the business. What we have found with Ultimate Finance is that they are straight forward to deal with and worked in partnership with us to find the right funding solution.”
Euan Bell, Senior Regional Director for Ultimate Finance commented ‘It’s been great to work with Kenny and his team, they are an exciting and forward-thinking business who are continually looking at new ways to diversify and grow. We are extremely proud to have structured a funding facility which will support their ambitions and keep their business moving forwards.’
Find out more about invoice finance from Ultimate Finance.
Hilton-Baird Financial Solutions, the preferred invoice finance broker of Moneyfacts.co.uk has helped a company specialising in component metalwork to swiftly secure a new invoice factoring facility. The business had a funding facility in place, but after the loss of a key client they decided to review their funding options. Hilton-Baird Financial Solutions was able to review their current arrangement and look at alternatives that might suit the firm better. The new £100,000 facility helped the firm to meet their immediate cashflow requirements and those needed in the future.
Evette Orams, Hilton-Baird Financial Solutions “We are delighted to have helped another client to secure a working capital facility that’s aligned with their needs,” said Evette Orams, Managing Director of Hilton-Baird Financial Solutions.
“Having been impacted by the loss of a key client due to the impact of the pandemic, they proactively reviewed how their prior funding would work for them moving forward, and decided it would be prudent to explore the options available.
“We place much emphasis on getting to know our clients, understanding their business, gaining insight into their objectives and the challenges they face, so that we are able to introduce the most suitable options and providers that can support them, both in the current climate and as they move forward.
“Our task is to table the most suitable options available so our clients can consider their merits, and choose the facility they are most confident with and the funder they have the most affinity with. We take great pride in supporting our clients and seeing them grow and flourish with the aid of the right facility.”
Find out more about invoice finance and CBILS.
Read our review of invoice finance lenders.
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Britain’s GDP contracted by 0.1% in March, according to data released by the Office for National Statistics (ONS) today. “The March decline highlights the pressure the economy is now coming under from the cost of living squeeze and the danger of it falling into outright recession later this year,” said Rupert Thompson, Investment Strategist at Kingswood. The services sector, which includes contributions from education, arts and entertainment, and food service among others, fell 0.2% last month and was the main contributor to this decline.
Britain’s GDP contracted by 0.1% in March, according to data released by the Office for National Statistics (ONS) today.
The latest Consumer Price Index continues upward to 6.2%, adding to fears over the increased cost of living. The latest Consumer Price Index (CPI) was recorded at 6.2% this morning. This means inflation has hit a new 30 year high, which will only exacerbate the cost of living. “This is the highest CPI 12-month inflation rate in the National Statistic series which began in January 1997, and the highest rate in the historic modelled series since March 1992, when it stood at 7.1%,” the Office for National Statistics (ONS) stated. The rise can be attributed to a number of diverse contributions. This included a bump in prices for clothing, footwear, toys and other recreational goods, said the ONS.
The latest Consumer Price Index continues upward to 6.2%, adding to fears over the increased cost of living.
Strong Customer Authentication regulation will now require online shoppers to verify themselves before paying at the checkout after £376 million was lost to online fraud in 2020. Strong Customer Authentication (SCA), which has been endorsed by the Financial Conduct Authority (FCA) and UK Finance, will be in place from today. These regulations have been enforced as an attempt to reduce the £376 million lost in online fraud in 2020, according to Barclaycard.
Strong Customer Authentication regulation requires online shoppers to verify themselves before the checkout after £376 million was lost to fraud in 2020.
Britain’s GDP contracted by 0.1% in March, according to data released by the Office for National Statistics (ONS) today. “The March decline highlights the pressure the economy is now coming under from the cost of living squeeze and the danger of it falling into outright recession later this year,” said Rupert Thompson, Investment Strategist at Kingswood. The services sector, which includes contributions from education, arts and entertainment, and food service among others, fell 0.2% last month and was the main contributor to this decline.
Britain’s GDP contracted by 0.1% in March, according to data released by the Office for National Statistics (ONS) today.
The latest Consumer Price Index continues upward to 6.2%, adding to fears over the increased cost of living. The latest Consumer Price Index (CPI) was recorded at 6.2% this morning. This means inflation has hit a new 30 year high, which will only exacerbate the cost of living. “This is the highest CPI 12-month inflation rate in the National Statistic series which began in January 1997, and the highest rate in the historic modelled series since March 1992, when it stood at 7.1%,” the Office for National Statistics (ONS) stated. The rise can be attributed to a number of diverse contributions. This included a bump in prices for clothing, footwear, toys and other recreational goods, said the ONS.
The latest Consumer Price Index continues upward to 6.2%, adding to fears over the increased cost of living.
Strong Customer Authentication regulation will now require online shoppers to verify themselves before paying at the checkout after £376 million was lost to online fraud in 2020. Strong Customer Authentication (SCA), which has been endorsed by the Financial Conduct Authority (FCA) and UK Finance, will be in place from today. These regulations have been enforced as an attempt to reduce the £376 million lost in online fraud in 2020, according to Barclaycard.
Strong Customer Authentication regulation requires online shoppers to verify themselves before the checkout after £376 million was lost to fraud in 2020.
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