No. Of employees: 4
Lender: Lloyds TSB Commercial Finance
Overview of the Company: This custom paint and coatings manufacturer, which has been in business since 1946, was recently bought by an employee. He’s keen to maintain the long-standing tradition of quality and customer service which has allowed the firm to retain some customers for over 30 years.
Why they needed trade finance: “We didn’t want an overdraft; we wanted the business to pay suppliers as it earned through sales. Following the purchase from the previous owners, the business needed an injection of working capital and invoice factoring provides this.
We also wanted to have a separation between the sales and credit control processes. The factor also brings an extra level of professionalism and consistency to debt collection. The team are so busy meeting the needs of customers that it’s too easy to let credit control slip, which does not help with cash flow. Using an invoice factor solves that problem.”Managing Director
How trade finance helped their business: “If we did not use invoice factoring, we wouldn’t have a business. Having invested capital in buying the firm, we need working capital to keep paying suppliers and staff, while waiting for customers to settle their bills. Invoice factoring also takes the time-consuming credit control task off our hands.” Managing Director
Customer comment on Touch and the lender: “I would recommend Touch Financial to other business owners looking for a way of borrowing money. They were extremely responsive and pursued potential lenders on our behalf until we were able to secure the right deal for our needs.” Managing Director