Surveying: London - Image

Surveying: London

Industry: Surveying

Turnover: £120K

No. of employees: 3

Region: London

Lender: Bibby

Overview of the Company: For the last three years, this small firm has specialised in providing two-dimensional surveys to planners, architects and designers. Originally based in London, the company has expanded to three offices, all offering topographical and building surveys using state of the art equipment.

Why they needed invoice finance: “Originally we were using the invoice finance provided by our bank. But it was proving to be expensive and we were locked into a long-term arrangement which required us to give three months’ notice. Because of the way our business works we needed some sort of invoice finance arrangement, but we also wanted something that was cheaper and more flexible.” Managing Director.

How invoice finance helped their business: “Performing a detailed survey of land or buildings can take anything from a day to a couple of weeks. We often pay considerable expenses in advance but only invoice at the end of the job. Even if the client pays within 14 days, which are our terms, our cash flow comes under pressure. In the current climate many clients are paying later and later. Invoice finance keeps our cash flow going.” Managing Director.

Customer comment on Touch and the lender: “Touch sourced three alternative suppliers of invoice finance and we chose to go with Bibby because of their very flexible approach. They don’t have the lock-in that the bank forced on us. Bibby are a good crowd and we enjoy good communication with them. Touch proved to be on the ball and they haven’t just disappeared now the deal’s done, they’re keeping in contact.” Managing Director.


 

 

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