No. of employees: 5
Lender: Lloyds TSB Commercial Finance
Overview of the Company: Suppliers of engineering and automotive parts are often required to ship essential parts to clients across Europe at short notice. This newly formed logistics company specialises in making those supplies and is no stranger to ensuring goods reach the right destination across Europe within 24 hours.
Why they needed invoice finance: “We needed funding to get the business off the ground. Our clients are mainly in the engineering sector, automotive and aircraft part suppliers. Their payments terms vary- anything from 30 to 60 days. That means if we ship something on the 1st of the month and invoice on the 30th, we might not get paid until 90 days after the work was done. That’s a huge hole in our cash flow.” Managing Director
How invoice finance helped their business: “Using the factoring service from Lloyds means we get 80% of our invoice paid almost as soon as we raise it. That means we have the cash to pay our staff and suppliers, allowing us to run and grow the business.” Managing Director
Customer comment on Touch and the lender: “We went to Touch because they’re a broker. They did all the hard work for us, sourcing potential factors and even setting up appointments to meet. They did a very good job and found us an excellent lender. Touch make a point of keeping in contact every month and I’d rate their service as first class.” Managing Director.