Industry: Industrial Cleaning
No. Of employees: 4
Lender: Lloyds TSB Commercial Finance
Overview of the Company: This specialist business was set up in early 2009 to provide industrial equipment cleaning services to the civil engineering, marine and petrochemical sectors. The founding directors have combined their years of experience with the latest techniques and high quality pressure washing equipment.
Why they needed invoice factoring: The firm needed to find alternative ways of maintaining cash flow, because commercial customers were taking longer to pay their bills, said their Managing Director. Thirty day credit terms were being stretched to sixty, or even more, threatening to make it difficult for the firm to pay its staff and suppliers.
How invoice factoring helped their business: “Invoice factoring has given us the confidence that we can continue trading, even during really tough times. We’ve just come through a couple of really hard months, when customer activity was very low. It’s picked up since then, but during that time we relied heavily on the cash flow from invoice factoring.” Managing Director
Customer comment on Touch and the lender: “The business had never used invoice factoring before and we had a few teething troubles to start with. But since then it’s worked fine. Touch Financial have kept in contact to make sure everything is going well.” Managing Director