Industry: Security Services
No. of employees: 14
Lender: Lloyds TSB Commercial Finance
Overview of company Security Company based in Edinburgh, providing manned security guards to blue chip organisations, event organisers, retailers, construction sites and licensed premises.
Why they needed invoice finance “The customer was struggling with his cash flow due to the number of staff they were supplying to customers and invoicing them in arrears but paying employees biweekly. This also caused a problem with the Inland Revenue who gave them 30 days to pay £20,000 they owed.
Given the issue they had with the VAT bill we needed to find a lender which could quickly setup a factoring facility and release the cash they had tied up in their sales ledger.” Alex Kyriacou — invoice finance expert at Touch
How factoring has helped their business “Initially we were only really looking for a way to raise the £20,000 we owed the crown, but working with Lloyds has actually helped us expand the business by taking on more staff” Company Director
Customer comments on lender “Lloyds were really quick to setup our account and we had the £45,000, which was tied up in unpaid invoices, in our bank account within a month of Touch putting us in contact with them.” Company Director