Scaffolding Business
Scaffolding Business
Our client is a substantial scaffolding company that has done work for the major house builders and has also undertaken work at high profile government buildings. With a turnover in excess of ?2m and a large workforce they needed to be able to manage their cash flow to ensure that weekly wages could be paid.
They wanted to source a factoring facility and had spoken to several factoring companies before approaching Smart Factoring Quotes. Traditionally factoring lenders have avoided the construction industry because of the processes involved in raising invoices. Because of applications being raised rather than invoices, possible retentions and stage payments it is a sector that the traditional lenders often avoid.
Unfortunately because of the recession hitting their customer base hard the lenders we even more reluctant to assist.
Smart Factoring quotes were able to introduce a specialised independent lender with experience within the sector. We worked with the directors to make their processes and audit trail more robust.
As a result the client obtained a factoring facility that grew in line with their own growth.
