No. Of employees: 20
Region: West Midlands
Overview of the Company: Set up in early 2011 to provide security staff for commercial properties, this business has enjoyed rapid growth. It is achieving its target of acquiring at least two new clients per month and has ambitious plans for continued expansion.
Why they needed trade finance: “When a new client offered us a major new contract we knew commercial finance was needed to ensure staff could be paid. Because our firm was so new, and we were looking to more than double our staff almost overnight, the bank refused to give us an overdraft. They told us to come back in 12 months time.
We made contact with Touch Financial and within four weeks we had an invoice factoring arrangement in place. Without it, we could never have taken on that contract, or won a number of contracts that have since come our way.” Director
How trade finance helped their business: “We have 20 staff on our books and may soon require more. They are paid every two weeks but our customers pay us on 45 day terms. Invoice factoring gives us the capital we need to bridge that cash flow gap, and also the capacity to expand as new opportunities arise. We would not have had that flexibility with an overdraft.” Director
Customer comment on Touch and the lender: “When we called Touch, they listened and understood what we wanted. They presented our situation to several potential lenders and ensured we got a competitive deal. Our own resources were so stretched that we would not have had time to do this ourselves. We’ve also been able to arrange insurance to protect us from non-payment. The arrangement that Touch helped us to secure is allowing our business to grow more quickly.” Director